Ci- 


W12.p 


■        ■ 


PROCEEDINGS 


TION 

ADESBORO',  NORTH  CAROLINA, 

on  the  3rd  and  4th  o#  October,  1855, 
R     T  HE    ORGANISATION 

OF    THE  ^^B 

CHARLOTTE  AND  RUTHERFORD 

ROAD  COMPANY  ; 


TOGETHER  WITH  THE 


AWS,  CHARTER, 


AND    ALL    OTHER 


AND  EESOLUTIONS 


SSEMBLY  OF  NORTH  CAROLINA 


RELATION  TO  SAID  COMPANY 


WILMINGTON: 

ENGELHARD    &    PRICE,    STEAM   POWER  PRESS  PRINTERS, 
JOURNAL  BUILDINGS. 

1866. 


W$t  Htbrarp 

of  tfce 

©mtoerattp  ofiSotti)  Carolina 


enbotoets  tip  ®|)e  dialectic 


anb 


P)ilantijtopic  Societies; 

MP  H 

00042071765 

FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


miS  TITLE  HAS  BEEN  MICROFILMED 


Digitized  by  the  Internet  Archive 

in  2012  with  funding  from 

University  of  North  Carolina  at  Chapel  Hil 


http://www.archive.org/details/prpceedingsofconOOwilm 


PROCEEDINGS 


OF    THE 


CONVENTION 

HELD   AT    WADESBORO',   NORTH   CAROLINA, 

ON  THE  3RD  AND  4lH  OF  OCTOBER,  1855, 

FOR    THE    ORGANIZATION 


OF   THE 


WILMINGTON,  CHARLOTTE  AND  RUTHERFORD 

KAIL  ROAD  COMPANY  ; 


TOGETHER  WITH   THE 


BY-LAWS,  CHARTER, 


AND     ALL    OTHER 


ACTS  AND  RESOLUTIONS 


OF  THE 


GENERAL  ASSEMBLY  OF  NORTH  CAROLINA 

IN  RELATION  TO  SAID  COMPANY. 


WILMINGTON : 

ENGELHARD  &     PRICE,   STEAM  POWER  PRESS  PRINTERS, 

JOURNAL  BUILDINGS. 

18G6. 


PEOCEEDINGS. 


Wadesborough,  North  Carolina,  October  3d,  1855. 

In  pursuance  of  a  call  of  General  Alexander  McRae, 
Chairman  of  the  General  Commissioners  of  the  Wilmington, 
Charlotte  and  Rutherford  Eail  Road  Company,  the  Stock- 
holders of  said  Company  met  at  Wadesborough  this  day. 

A.  H.  VanBokkelen,  of  Wilmington,  was  called  to  the 
Chair,  and  R.  S.  French,  of  Robeson,  was  requested  to  act  as 
Secretary. 

It  was  resolved  that  a  committee  of  three  be  appointed  to 
report  permanent  officers  for  a  Convention  of  the  Stockholders, 
to  be  held  at  this  place  on  to-morrow.  W.  L.  Steele,  of 
Richmond,  C.  C.  Henderson,  of  Rutherford,  and  A.  A.  Brown, 
of  Wilmington,  were  appointed  this  committee. 

The  meeting  adjourned  until  to-morrow  morning  at  9 
o'clock. 

R.  S.  FRENCH,  Secretary. 

October  4th,  1855. 

In  pursuance   of  adjournment,   the   Stockholders   of   the 
Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company, 
-met  this   day,  A.  H.  VanBokkelen,  of   Wilmington,  in  the 
Chair. 

The  General  Commissioners,  through  their  Chairman, 
General  Alexander  McRae,  repo*  ted  that  the  sum  of  five 
hundred  thousand  dollars  ($500,000)  had  been  subscribed, 
and  that  five  per  cent,  on  the  same  had  been  paid  in. 

The  committee  to  report  permanent  officers  for  the  Con- 
vention, reported 

General  Alfred  Dockery,  of  Richmond,         President. 

R.  G.  Twitty,       «  Rutherford,    )  yicQ  Presid>ts# 
Isaac  Northrop,    "  Wilmington,  ) 
R.  S.  French,        "  Robeson,  Secretary. 

The  report  of  the  committee  was  adopted. 
The  officers  took  their  respective  seats. 
The  President  addressed  the  meeting. 
f  On  motion  of  General  Alexander  McRae,  a  committee  of 

•^     three  was  appointed  to  ascertain  and  report  the  number  of 


^ 


6 

for  inspection,  and  make  such  reports  from  time  to  time  to  the  President 
as  he  or  the  Board  of  Directors  may  require.  The  Treasurer  or 
Treasurers  so  appointed  shall  be  required  to  give  bond  with  sufficient 
security  in  such  sum  as  the  Board  of  Directors  shall  deem  advisable  for 
the  faithful  discharge  of  his  duties. 

X.  The  President  and  Directors  shall  annually  appoint  one  or  more 
Secretaries  of  the  Company,  who  shall  keep  perfect  records  of  all  the 
proceedings  of  the  Directors  and  accounts  of  the  Company,  also  the 
transfer  and  Stock  Books,  from  which  may  at  all  times  be  ascertained 
the  numbers  and  names  of  the  Stockholders,  with  the  number  of  shares 
owned  by  each  Stockholder ;  and  it  shall  be  the  duty  of  such  officer  to 
make  out  and  forward  to  the  Stockholders  at  every  meeting  a  list  of 
the  Stockholders  with  the  number  of  shares  owned  by  each.  The 
Transfer  Book  shall  be  closed  one  month  prior  to  the  meeting. 

XI.  All  transfers  of  Stock  shall  be  made  in  writing,  in  books  to  be 
kept  by  the  Secretary  for  that  purpose,  either  in  person  or  by  Attorney. 
Whenever  any  Stockholder  shall  transfer  the  whole  of  the  stock  owned 
by  him  after  certificates  shall  have  been  issued,  he  shall  surrender  to 
the  Secretary  his  certificate  to  be  cancelled  and  filed  away,  and  a  new 
certificate  shall  be  issued  to  his  assignee  ;  but  if  a  less  number  of  shares 
be  assigned  than  the  whole  number  specified  in  the  certificate,  then  the 
said  certificate  shall  be  produced  and  cancelled,  and  new  certificates 
issued  therefor. 

XII.  All  written  contracts  or  agreements  authenticated  for  and  in 
behalf  of  the  Company  by  the  signature  of  the  President,  and  accom- 
panied with  his  private  seal  or  the  seal  of  the  Company,  shall  be  binding 
upon  the  Company  without  the  signature  of  any  other  officer. 

XIII.  That  all  proxies  signed  by  the  party  and  acknowledged  before 
any  Director  of  the  Company,  or  before  any  Justice  of  the  Peace,  or 
attested  by  any  witness  who  shall  prove  the  same  before  a  Director  or 
Justice  of  the  Peace,  shall  bo  sufficient  to  authorize  the  representative 
to  act. 

XIV.  The  President  and  Directors  are  hereby  empowered  and 
directed  to  open  books  for  receiving  additional  subscriptions  for  stock, 
and  to  sell  new  stock  ;  and  said  Books  may  be  opened  whenever  and 
wherever,  and  by  such  persons  as  the  President  and  Directors  may 
prescribe,  they  requiring  the  first  installment  to  be  paid  in  conformity 
with  the  charter ;  and  agreeing  with  such  subscribers  for  the  payment 
of  the  residue  as  they  may  deem  best. 

XV.  It  shall  be  competent  for  the  President  and  Directors  to  confer 
the  offices  of  Secretary  and  Treasurer  upon  the  same  person. 


RESOLUTIONS. 


I.  Whereas,  The  Commissioners  of  the  town  of  "Wilmington  have  subscribed 
the  sum  of  two  hundred  thousand  dollars  ($200,000)  to  the  stock  of  the  "Wilming- 
ton, Charlotte  and  Rutherford  Rail  Road  Company,  and  whereas  the  said 
subscription  was  only  authorized  by  the  citizens  of  the  said  town,  and  made  by 
the  said  Commissioners  upon  the  faith  of  its  ensuring  a  reasonable  prospect  of  the 
successful  completion  of  die  said  Road,  and  whereas  this  Company  is  desirous  of 
offering  a  reasonable  guaranty  that  the  taid  subscription  shall  not  be  uselessly 
expended,  and  it  appearing  that  there  is  no  probability  that  the  said  Road  can  be 
completed  unless  the  sum  of  at  least  six  hundred  thousand  dollars  shall  be  sub- 
scribed in  addition  to  the  said  subscription  by  the  said  Commissioners ;  now, 
therefore,  be  it 

I.  Resolved,  That  no  money,  except  to  pay  surveys  and  other  incidental  expenses, 
shall  be  expended  for  work  upon  the  said  Road  Last  of  Charlotte,  until  the  said 
sum  of  six  hundred  thousand  dollars  ($600,000,,  exclusive  of  the  said  corporate 
subscription  and  of  such  subscriptions  as  have  already  been  made  West  ot  Char- 
lotte, shall  have  been  subscribed.  And  whenever  the  said  sum  of  six  hundred 
thousand  dollars  ($600,000)  shall  be  subscribed,  that  the  said  part  of  the  Road 
shall  be  put  under  contract  throughout  the  entire  line. 

II.  Resolved,  That  the  Eastern  terminus  of  the  Road  be  located  within  the  corpo- 
rate limits  of  the  town  if  Wilmington  on  the  East  side  of  the  Cape  Fear  River. 

III.  Resolved,  That  the  Western  portion  of  the  Road  be  located  as  follows  : 
Commencing  at  Charlotte,  and  proceeding  thence  to  Lincolnton,  passing  through 
the  Hopewell  settlement  in  the  county  of  Mecklenburg,  and  crossing  the  Catawba 
River  at  or  near  Toole's  Ford,  provided  this  route  be  found  practicable  and  con- 
sistent with  the  means  and  interest  of  the  Company — from  Lincolnton  to  Rutber- 
fordton,  by  the  way  of  Shelby,  provided  the  sum  reported  as  subscribed  from  the 
county  of  Cleaveland  shall  be  made  absolute. 

IV.  Resolved,  That  there  be  no  contract  for  the  graduation  or  construction  of 
the  part  of  the  Road  West  of  Charlotte  until  the  sum  of  three  hundred  and  thirty- 
three  thousand  dollars  ($333,000)  shall  be  subscribed  ;  and  when  that  occurs, 
then  the  President  and  Directors  shall  put  said  part  of  the  Road  under  contract 
throughout  the  entire  line. 

V.  Resolved,  That  the  Directors  and  other  officers  elected  at  this  meeting  shall 
hold  their  offices  until  the  next  annual  meeting  of  the  Stockholders. 

VI.  Resolved,  That  all  subscriptions  which  have  been  paid  by  individuals  to 
defray  the  expenses  of  the  experimental  surveys,  shall  be  allowed  in  payment  of 
subscriptions  to  the  Capital  Stock  of  the  Company. 

VII.  Resolved,  That  the  expenses  of  printing  and  advertising  incurred  by  the 
Commissioners  shall  be  paid  out  of  the  funds  of  the  Company. 


Walter  L.  Steele,  of  Richmond,  gave  notice  that  at  the  next  meeting 
of  the  Stockholders  he  would  introduce  a  resolution  to  adopt  a  guage  of 
five  feet  three  and  a  half  inches. 

On  motion  of  Robert  H.  Cowan,  it  was  resolved,  that  the  President 
and  Directors  be  instructed  to  collect  information  on  the  subject  of 
relative  guages,  and  report  on  the  same  at  the  next  meeting. 

It  was  resolved  that  the  next  annual  meeting  be  held  at  Wilmington. 

It  was  resolved  that  H.  W.  Guion,  E.  H.  Cowan  and  R.  S.  French 
be  apppoin ted  a  committee  to  superintend  the  publication  of  the  pro- 
ceedings of  this  meeting,  together  with  the  act  of  incorporation,  and 
that  twenty-five  hundred  copies  (2,500)  of  the  same  be  published. 

On  motion,  the  meeting  adjourned. 

R.    S,  FRENCH,  Secretary. 


AN  ACT 

TO  INCORPORATE  THE  WILMINGTON,  CHARLOTTE  AND 

RUTHERFORD   RAIL   ROAD. 


Sec.  1 .  Be  it  enacted  by  the  General  Assembly  of  the  State  of  North 
Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the  same,  That 
for  the  purpose  of  effecting  a  railroad  communication  between  Wil- 
mington and  Charlotte  by  way  of  Lumberton,  Rockingham,  Wades- 
borough  and  Monroe,  the  formation  of  a  corporate  company,  with  a 
capital  stock  of  two  millions  of  dollars,  is  hereby  authorized,  to  be 
called  *' The  Wilmington  and  Charlotte  Rail  Road  Company,"  and 
when  formed  in  compliance  with  the  conditions  hereinafter  prescribed, 
to  hold  a  corporate  existence,  as  a  body  politic,  for  the  space  of  ninety- 
nine  years. 

Sec.  2.  That  the  said  company  be,  and  the  same  is  hereby  authorized 
to  construct  a  Rail  Road  from  Wilmington  or  Smithville,  or  some  point 
on  the  Wilmington  and  Manchester  Rail  Road  in  the  county  of 
Columbus,  or  from  some  point  on  the  Wilmington  and  Raleigh  Rail 
Road  in  the  county  of  New  Hanover,  as  the  stockholders  may  deter- 
mine, via  Lumberton,  Rockingham,  Wadesborough  and  Monroe,  to  the 
town  of  Charlotte  in  the  county  of  Mecklenburg. 

Sec.  3  That  for  the  purpose  of  creating  the  capital  stock  of  said 
company,  the  following  persons  be,  and  they  are  hereby  appointed 
commissioners,  viz :  General  Alexander  McRae,  of  Wilmington ; 
Alfred  Smith,  of  Whitesville ;  Thomas  A.  Norment,  of  Lumberton  ; 
James  P.  Leak,  of  Rockingham  ;  Walter  R.  Leak,  of  Wadesborough  ; 
David  A.  Covington,  <*f  Monroe  ;    and  Charles  J.  Fox,  of  Charlotte. 

That  it  shall  be  lawful  to  open  books  of  subscription  in  the  town  of 
Wilmington,  under  the  direction  of  George  Davis,  T.  C.  Worth,  A.  H. 
VanBokkelen,  John  C.  Latta,  Miles  Costin,  George  R.  French,  J.  H. 
Flanner,  Edward  Kidder,  S.  D.  Wallace,  A.  J.  DeRosset,  Jr.,  John 
A.  Taylor,  H.  L.  Holmes  and  Robert  H.  Cowan,  or  a  majority  of 
them;  at  Whitesville,  under  the  direction  of  Calvin  Haynes,  T.  S. 
Memory,  W.  M.  Baldwin,  William  Frink  and  Thomas  Smith,  or  a 
majority  of  them  ;  at  Fair  Bluff,  in  Columbus  county,  under  the  direc- 
tion of  Alva  Smith,  Augustus  Smith,  John  Coley  and  N.  L.  Williamson, 
or  a  majority  of  them  ;  at  Lumberton,  under  the  direction  of  John  T. 
Pope,  Edward  Lewis,  Robert  S.  French,  Robert  E.  Troy,  Edmund 
McQueen,  H.  F.  Pitmon  and  J.  M.  Carmichael,  or  a  majority  of  them  ; 
at  Floral  College,  under  the  direction  of  Archibald  Smith,  Malcolm 
Purcell,  John  Gilchrist,  Jr.,  Dr.  Neill  McNair  and  William  Sellers,  or 
any  three  of  them  ;  at  Laurenburg,  in  the  county  of  Richmond,  under 
the  direction  of  Dr.  John  Malloy,  John  Fairley,  John  Gilchrist,  Jr., 
David  Mclntyre,  Daniel  McKennon,  John  L.  Fairle\,  M.  W.  McNair, 
Duncan  McLaurin  and  Rev.  Thomas  Gibson,  or  any  three  of  them; 
at  Rockingham,   under  the  direction  of  Walter  F.  Leak,  Meal  Wall, 


9 

William  B.  Cole,  General  Alfred  Dockery,  Stephen  Cole,  Colonel  Jot 
W.  Covington  and  R.  S.  McDonald,  or  any  three  of  them  ;  at  WadesX 
borough,  under  the  direction  of  H.  B.  Hammond,  George  W.  Little, 
S.  W.  Cole,  E.  F.  Lilly,  P.  G.  Smith,  Joseph  White,  S.  R.  Hargrove, 
Pinder  Richardson  and  Joseph  Medley,  or  any  three  of  them;  at 
Elizabeth  town,  under  the  directiqnjof  James  G.  McDugald,  John  J, 
McMillan,  John  A.  McDoufpiM,  Thomas  C.  Smith  and  Duncan 
Cromartie,  or  any  three  of  them  ;  at  Monroe,  under  the  direction  of 
Hugh  Houston,  Samuel  H.  Walkup,  Hugh  Wilson,  Moses  Cuthbert, 
Sr.,  John  Mell  and  M.  Stewart,  or  any  three  of  them;  at  Charlotte, 
under  the  direction  of  William  Johnston,  John  A.  Young,  John  Irvin, 
Leroy  Springs  and  John  Walker,  or  any  three  of  them  ;  whose  duty  it 
shall  be  to  direct  the  opening  of  books  for  subscription  of  stock,  at  such 
times  and  places,  and  under  the  direstion  of  such  persons  as  they,  or  a 
majority  of  them,  may  deem  proper;  and  the  said  commissioners  shall 
have  power  to  appoint  a  chairman  of  their  body,  Treasurer,  and  all 
other  officers,  and  to  sue  for  and  recover  all  sums  of  money  that  ought 
under  this  act  to  be  recovered  by  them. 

Sec.  4.  That  all  persons  who  are  herein,  or  may  be  hereafter, 
appointed  to  open  books  of  subscription  to  the  capital  stock  of  said 
Company,  shall  open  books  at  any  time  after  the  ratification  of  this  act ; 
twenty  days  previous  notice  having  been  given  in  one  or  more  of  the 
newspapers  of  this  State ;  and  that  when  said  books  are  opened  they 
shall  be  kept  open  for  the  space  of  thirty  days,  at  least,  and  as  long 
thereafter  as  the  commissioners  first  above  named  shall  direct ;  that  all 
subscriptions  of  stock  shall  be  in  sums  of  fifty  dollars,  the  subscribers 
paying  at  the  time  of  making  such  subscription  two  and  a  half  dollars 
on  each  share  they  subscribed  to  the  person  or  persons  authorized  to 
receive  such  subscription,  and  in  case  of  failure  to  pay  said  sum,  all 
such  subscriptions  shall  be  void  and  of  no  effect.  And  upon  closing 
the  books,  all  such  sums  as  shall  have  been  thus  received  of  subscribers 
on  the  first  cash  installment,  shall  be  paid  over  to  the  general  commis- 
sioners named  in  the  third  section  of  this  act  by  the  person  receiving 
them,  and  for  failure  thereof  such  person  or  persons  shall  personally  be 
liable  to  said  general  commissioners  before  the  organization  of  said 
Company,  and  to  the  Company  itself  after  its  organization,  to  be 
recovered  in  the  Superior  Court  of  law  of  this  State,  in  the  county 
where  such  delinquent  resides,  or  if  he  reside  in  any  other  State,  then 
in  any  court  in  such  State  having  competent  jurisdiction.  The  said 
general  commissioners  shall  have  power  to  call  on  and  require  all  persons 
empowered  to  receive  subscriptions  of  stock  at  any  time,  and  from  time 
to  time,  as  a  majority  of  them  may  think  proper,  to  make  a  return  of 
the  stock  by  them  respectively  received,  and  to  make  payment  of  all 
sums  of  money  made  by  the  subscribers. 

Sec.  5.  That  it  shall  be  the  duty  of  the  said  general  commissioners 
to  direct  and  authorize  the  keeping  open  of  books  for  the  subscription 
of  stock  in  the  manner  above  described  until  the  sum  of  five  hundred 
thousand  dollars  shall  have  been  subscribed  to  the  capital  stock  of  said 
Company ;  and  as  soon  as  the  said  sum  of  five  hundred  thousand  dollars 


10 

Biiail  have  been  subscribed,  and  the  first  installment  of  two  and  a  half 
dollars  per  share  in  said  sum  shall  have  been  received  by  the  general 
commissioners,  said  Company  shall  be  regarded  as  formed,  and  the  said 
commissioners,  or  a  majority  of  them,  shall  sign  and  seal  a  duplicate 
declaration  to  that  effect,  with  the  names  of  the  subscribers  appended, 
and  cause  one  of  said  duplicates  to  be  deposited  in  the  office  of  the 
Secretary  of  State,  and  thenceforth,  from  the  closing  of  the  books  of 
subscription  as  aforesaid,  the  said  subscribers  to  stock  shall  form  one 
body  corporate  and  politic,  in  deed  and  in  law,  for  the  purposes  afore- 
said, by  the  name  and  style  of  the  Wilmington  and  Charlotte  Rail  Road 
Company. 

Sec.  6.  That  wheneyer  the  sum  of  five  hundred  thousand  dollars 
shall  be  subscribed  in  manner  and  form  aforesaid,  the  subscribers,  their 
executors,  administrators  and  assigns,  shall  be,  and  they  are  hereby, 
declared  to  be  incorporated  into  a  Company  by  the  name  and  style  of 
the  "Wilmington  and  Charlotte  Rail  Road  Company,  and  by  that  name 
shall  be  capable  in  law  and  equity  of  purchasing,  holding,  selling, 
leasing  and  conveying  estates,  real,  personal  and  mixed,  and  of  acquiring 
the  same  by  gift  or  devise,  so  far  as  shall  be  necessary  for  the  purposes 
embraced  within  the  scope,  object  and  intent  of  their  Charter,  and  no 
further,  and  shall  have  perpetual  succession,  and  by  their  corporate 
name  may  sue  and  be  sued,  plead  and  be  impleaded,  in  any  court  of 
law  and  equity  in  the  State  of  North  Carolina,  and  may  have  and  use  a 
common  seal,  which  they  shall  have  power  to  alter  and  remove  at 
pleasure,  and  shall  have  and  enjoy  all  other  rights  and  immunities  which 
other  corporate  bodies  may  and  of  right  do  exercise,  and  may  make  all 
such  by-laws,  rules  and  regulations  as  they  may  deem  proper  and 
necessary  to  their  government  and  the  interest  of  their  Company,  not 
inconsistent  with  the  Constitution  and  laws  of  this  State,  and  of  the 
United  States. 

Sec.  7.  That  notice  of  process  upon  the  piincipal  agent  of  said 
Company,  or  the  President,  or  any  of  the  Directors  thereof,  shall  be 
deemed  and  taken  to  be  due  and  lawful  notice  of  service  of  process 
upon  the  Company,  so  as  to  bring  it  before  any  court  in  North  Carolina. 

Sec.  8.  That  so  soon  as  the  sum  of  five  hundred  thousand  dollars 
shall  have  been  subscribed  in  manner  and  form  aforesaid,  it  shall  be  the 
duty  of  the  general  commissioners  appointed  in  the  third  section  of  this 
act  to  appoint  a  time  for  the  Stockholders  to  meet  at  Wadesborough,  in 
the  county  of  Anson,  which,  they  shall  cause  to  be  previously  published 
for  the  space  of  four  weeks  in  one  or  more  newspapers,  as  they  may 
deem  proper,  at  which  time  and  place  the  said  Stockholders,  in  person 
or  by  proxy,  shall  proceed  to  elect  the  Directoi  s  of  the  Company,  and 
to  enact  all  such  regulations  and  by-laws  as  may  be  necessary  for  the 
government  of  the  corporation  and  the  transaction  of  business  The 
persons  elected  at  this  meeting  shall  serve  such  period,  not  exceeding 
one  year,  as  the  Stockholders  may  direct,  and  at  this  meeting  the  Stock- 
holders shall  fix  upon  the  day  and  place  or  places  where  the  subsequent 
election  of  Directors  shall  be  held ;  and  such  election  shall  thenceforth 
be  annually  made ;  but  if  the  day  of  election  shall  pass  off  without  any 


11 

election,  it  shall  be  lawful  to  hold  an  election  on  any  other  day  in  such 
manner  as  shall  be  prescribed  by  the  by-laws  of  the  corporation. 

Sec.  9.  That  the  affairs  of  the  Company  shall  be  managed  and 
directed  by  a  general  Board,  to  consist  of  nine  Directors,  to  be  elected 
by  the  Stockholders,  at  their  first  annual  meeting,  and  at  subsequent 
annual  meetings  ;  each  Stockholder  shall  have  as  many  votes  as  he  has 
shares  in  the  stock  of  the  Company,  and  the  election  shall  be  by  ballot, 
the  persons  having  a  majority  of  the  votes  cast  shall  be  considered  duly 
elected. 

Sec.  10.  That  the  President  of  the  Company  shall  be  elected  by  the 
Board  of  Directors  from  among  their  number  in  such  manner  as  the 
regulations  of  the  Company  shall  prescribe. 

Sec.  11.  That  at  the  first  general  meeting  of  the  Stockholders  a 
majority  of  all  the  shares  subscribed  shall  be  represented  in  person  or 
by  proxy  before  the  meeting  shall  proceed  with  business  ;  and  if  a 
suflicient  number  do  not  attend,  those  who  do  attend  may  adjourn  from 
time  to  time  until  a  majority  shall  be  represented.  At  this  meeting 
the  Stockholders  may  determine  what  amount  of  stock  shall  thereafter 
be  necessary  to  constitute  a  quorum  for  the  transaction  of  business  in 
the  regular  or  occasional  meetings  of  the  Stockholders  or  Directors. 

Sec.  12.  That  at  all  elections  and  upon  all  votes  taken  in  any  general 
meeting  of  the  Stockholders  each  share  of  stock  shall  be  entitled  to  one 
vote,  and  any  Stockholder  may  vote  by  proxy,  the  proxy  being  a 
Stockholder,  and  proxies  shall  be  verified  in  such  manner  as  the  by-laws 
of  the  corporation  may  prescribe. 

Sec.  13.  That  the  general  commissioners  shall  make  their  return  of 
the  shares  of  stock  subscribed  for  at  the  first  general  meeting  of  the 
Stockholders,  and  pay  over  to  the  Directors  elected  at  said  meeting,  or 
their  authorized  agent,  all  sums  of  money  received  from  subscribers, 
and  for  failure  thereof  shall  be  personally  liable  to  said  Company,  to  be 
recovered  at  the  suit  of  said  Company  in  the  Superior  Court  of  law  in 
the  county  where  such  delinquent  or  delinquents  reside,  or  in  case  of 
death,  from  his  or  their  executors  or  administrators. 

Sec.  14.  That  the  Board  of  Directors  may  fill  all  vacancies  which 
may  occur  in  it  during  the  period  for  which  it  may  have  been  elected  ; 
and  in  the  absence  of  the  President,  may  elect  a  President  pro.  tern. 
from  among  their  number. 

Sec.  15.  That  all  contracts  or  agreements  authorized  by  the  Presi- 
dent and  Secretary  of  the  Board  of  Directors,  shall  be  binding  on  the 
Company  without  a  seal,  or  such  mode  of  authentication  maybe  used  as 
the  by-laws  of  the  Company  may  prescribe. 

,  Sec.  16.  That  the  Company  shall  have  power  and  may  proceed  to 
construct,  as^  speedily  as  possible,  a  Kail  Boad  with  one  or  more  tracks, 
to  be  used  with  steam  or  other  power,  which  shall  extend  from  Wil- 
mington, or  from  some  point  on  the  Wilmington  and  Manchester  Bail 
Boad,  in  Columbus  county,  by  way  of  Lumberton,  Bockingham  and 
Wadesborough,  taking  in  all  cases  the  most  feasible  and  advantageous 
route  to^  Charlotte,  in  the  county  of  Mecklenburg  ;  and  they  may  use 
any  section  of  said  Boad  before  the  whole  shall  have  been  completed, 


V2 

Sec.  17.  That  the  said  Company  shall  have  the  exclusive  right  of 
conveyance  or  transportation  of  persons,  goods,  merchandize  and 
produce  on  said  Rail  Road,  to  be  by  them  constructed,  at  such  charges 
as  may  be  fixed  upon  by  the  Board  of  Directors. 

Sec.  18.  That  the  Board  of  Directors  may  call  for  the  payment  of 
the  sums  subscribed  as  stock  in  said  Company,  in  such  installments  as 
the  interests  of  the  Company  may,  in  their  opinion,  require:  The  call 
for  each  payment  shall  be  published  in  one  or  more  newspapers  in  the 
State  for  the  space  of  one  month  before  the  time  of  payment ;  and  on 
failure  of  any  Stockholder  to  pay  each  installment  as  required,  the 
Directors  may  sell  at  public  auction,  on  a  previous  notice  of  ten  days, 
for  cash,  all  the  stock  subscribed  for  in  said  Company  by  such  Stock- 
holders, and  convey  the  same  to  the  purchaser  at  said  sale ;  and  if  the 
sale  of  stock  do  not  produce  a  sum  sufficient  to  pay  off  the  incidental 
expenses  of  the  same,  together  with  the  entire  amount  owing  by  such 
Stockholders  to  the  Company  for  stock  subscribed,  then,  and  in  that 
case,  the  whole  of  such  balance  shall  be  held  and  taken  as  due  at  once 
to  said  Company,  and  may  be  recovered  of  such  Stockholders,  or  his 
executor,  administrator  and  assigns,  at  the  suit  of  said  Company,  either 
by  summary  notice  in  any  court  of  superior  jurisdiction  in  the  county 
where  the  delinquent  resides,  on  a  previous  notice  of  ten  days  to  said 
subscriber,  or  by  the  action  of  assumpsit  in  any  court  of  competent 
jurisdiction,  or  by  warrant  before  a  Justice  of  the  Peace,  when  the 
sum  does  not  exceed  one  hundred  dollars,  and  in  all  cases  of  assessment 
of  stock  before  the  whole  amount  has  been  paid  to  the  Company,  then 
for  all  sums  due  on  said  stock,  both  the  original  subscriber  and  the  first 
of  subsequent  assignees  shall  be  liable  to  the  Company,  and  the  same 
be  recovered  as  above  described. 

Sec.  19.  That  the  debt  of  Stockholders  due  the  Company  for  stock 
therein,  either  as  original  proprietor  or  as  first  or  subsequent  assignee, 
shall  be  considered  as  of  equal  dignity  with  judgments  in  the  distribu- 
tion of  assets  of  a  deceased  Stockholder  by  his  legal  representatives. 

Sec.  20.  That  said  Company  shall  issue  certificates  of  stock  to  its 
members  ;  and  said  stock  may  be  transferred  in  such  manner  and  form 
as  may  be  directed  by  the  by-laws  of  the  Company. 

Sec.  21.  That  the  said  Company  may  at  any  time  increase  its  capital 
to  a  sum  sufficient  to  complete  said  Road,  not  exceeding  three  millions 
of  dollars  either  by  opening  books  for  new  stock,  or  by  selling  such 
new  stock,  or  by  borrowing  money  on  the  credit  of  the  Company,  and 
on  the  mortgage  of  its  Charter  and  works  ;  and  the  manner  in  which 
the  same  shall  be  done  in  either  case  shall  be  prescribed  by  the  Stock- 
holders at  a  general  meeting. 

Seo.  22.  That  the  Board  of  Directors  shall,  at  least  once  in  every 
year,  make  a  full  report  on  the  state  of  the  Company  and  its  affairs  to 
a  general  meeting  of  the  Stockholders,  and  oftener  if  required  by  the 
by-laws,  and  shall  have  power  to  call  a  general  meeting  of  the  Stock- 
holders when  the  Board  may  deem  it  expedient ;  and  the  Company  may 
provide  in  their  by-laws  for  occasional  meetings  being  called,  and  pre- 
scribe the  mode  thereof. 


IB 

r  Sec,  23.  That  the  said  Company  may  purchase,  have  and  hold  in  fee, 
or  for  a  term  of  years,  any  land,  tenements  or  hereditaments  which 
may  be  necessary  for  said  Koad  or  the  appurtenances  thereof,  or  for  the 
erection  of  depositories,  store-houses,  houses  for  the  officers,  servants  or 
agents  of  the  Company,  or  for  workshops  or  foundries  to  be  used  for 
said  Company,  or  for  procuring  stone  or  other  materials  necessary  to 
the  construction  of  said  Road,  or  for  effecting  transportation  thereon, 
and  for  no  other  purposes  whatever. 

Sec.  24.  That  the  Company  shall  have  the  right,  when  necessary,  to 
■conduct  the  said  Road  across  or  along  any  public  road  or  water  course : 
Provided,  That  the  said  Company  shall  not  obstruct  any  public  road, 
without  constructing  another  equally  good  and  convenient,  nor  without 
making  a  draw  in  any  bridge  of  said  Road  which  may  cross  a  navigable 
stream  sufficient  for  the  passage  of  sucji  vessels  as  navigate  such  stream, 
which  draw  shall  be  opened  by  the  Company  for  the  free  passage  of 
such  vessels  as  navigate  such  stream. 

Sec.  25.  That  when  any  lands  or  right  of  way  may  be  demanded  by 
said  Company  for  the  purpose  of  constructing  their  Road,  and  for  the 
want  of  agreement  as  to  the  value  thereof,  or  from  any  other  cause,  the 
same  cannot  be  purchased  from  the  owner  or  owners,  the  same  may  be 
taken  at  a  valuation  to  be  made  by  five  commissioners,  or  a  majority  of 
them,  to  be  appointed  by  any  court  of  record  having  common  law 
jurisdiction  in  the  county  where  some  part  of  the  land  or  right  of  way 
is  extended.  In  making  the  said  valuation,  the  said  commissioners 
shall  take  into  consideration  the  loss  or  damage  which  may  accrue  to  the 
owner  or  owners  in  consequence  of  the  land  or  right  of  way  being  sur- 
rendered, and  the  benefit  and  advantage  he,  she  or  they  may  receive 
from  the  erection  or  establishment  of  the  Rail  Road  or  work,  and  shall 
state  particularly  the  amount  and  value  of  each ;  and  the  excess  of  loss 
and  damage  over  the  benefit  and  advantage,  shall  form  the  measure  of 
valuation  of  said  land  or  right  of  way  :  Provided,  nevertheless,  that  if 
any  person  or  persons  over  whose  land  said  Road  may  pass,  should  be 
dissatisfied  with  the  valuation  of  said  commissioners,  then,  and  in  that 
case,  the  person  or  persons  so  dissatisfied  may  have  an  appeal  to  the 
Superior  Court  in  the  county  where  the  said  valuation  has  been  made, 
or  in  either  county  in  which  the  land  lies  when  it  may  lie  in  more  than 
one  county,  under  the  same  rules,  regulations  and  restrictions,  as  in 
appeals  from  judgments  of  Justices  of  the  Peace. 

The  proceedings  of  the  said  commissioners,  accompanied  with  a  full 
description  of  said  land  or  right  of  way,  shall  be  returned  under  the 
hands  and  seals  of  the  commissioners  to  the  court  from  which  the  com- 
mission issued,  there  to  remain  a  matter  of  record.  And  the  lands  or 
right  of  way,  so  valued  by  the  said  commissioners,  shall  vest  in  the  said 
Company  so  long  as  the  same  shall  be  used  for  the  purposes  of  said 
Rail  Road,  so  soon  as  the  valuation  may  be  paid,  or  when  refused,  may 
have  been  tendered :  Provided,  That  on  application  for  the  appointment 
of  commissioners  under  this  section,  it  shall  be  made  to  appear  to  the 
satisfaction  of  the  court  that  at  least  ten  days  previous  notice  has  been 
given  by  the  applicant  to  the  owner  or  owners  of  land  so  proposed  to 


14 

be  condemned,  or  if  the  owner  or  owners  be  infants,  or  non  compos 
mentis,  then  to  the  guardian  of  such  owner  or  owners,  if  such  guardian 
can  be  found  within  the  county,  or  if  he  cannot  be  so  found,  then  such 
appointment  shall  not  be  made,  unless  notice  of  the  application  shall 
have  been  published  at  least  one  month  next  preceding  in  some  news- 
paper printed  as  convenient  as  may  be  to  the  Court  House  of  the  county, 
and  shall  hate  been  posted  at  the  door  of  the  Court  House  on  the  first 
day,  at  least,  of  the  term  of  the  Court  to  which  application  is  made  : 
Provided,  further,  That  the  valuation  provided  for  in  this  section  shall 
be  made  on  oath  by  the  commissioners  aforesaid,  which  oath  any  Justice 
of  the  Peace,  or  clerk  of  the  County  Court  of  the  county  in  which  the 
land  or  any  part  thereof  lies,  is  hereby  empowered  to  administer : 
Provided,  further,  That  the  right  of  condemnation  herein  granted  shall 
not  authorize  the  said  Company  to  invade  the  dwelling  house,  yard, 
garden  or  burial  ground  of  any  individual  without  his  consent. 

Sec.  26.  That  the  right  of  said  Company  to  condemn  lands  in  the 
manner  described  in  the  25th  Section  of  this  act,  shall  extend  to  con- 
demning of  one  hundred  feet  on  each  side  of  the  main  track  of  the 
Road,  measuring  from  the  centre  of  the  same,  unless  in  case  of  deep 
cuts  and  fillings,  when  said  Company  shall  have  the  right  to  condemn 
so  much  in  addition  thereto  as  shall  be  necessary  for  the  construction  of 
said  Road ;  and  the  Company  shall  also  have  power  to  condemn  any 
appropriate  lands  in  like  manner  for  the  constructing  and  building  of 
depots,  shops,  warehouses,  buildings  for  servants,  agents  and  persons 
employed  on  said  Road,  not  exceeding  two  acres  in  any  one  lot  or 
station. 

Sec.  27.  That  in  the  absence  of  any  contract  or  contracts  in  relation 
to  land  through  which  said  Road,  or  any  of  its  branches,  may  pass, 
signed  by  the  owner  thereof,  or  his  agent,  or  any  claimant  or  person  in 
possession  thereof,  which  may  be  confirmed  by  the  owner  thereof,  it 
shall  be  presumed  that  the  land  over  which  said  Road  or  any  of  its 
branches  may  be  constructed,  together  with  a  space  of  one  hundred  feet 
on  each  side  of  the  centre  of  said  Road,  has  been  granted  to  the  said 
Company  by  the  owner  or  owners  thereof ;  and  the  said  Company  shall 
have  good  right  and  title  thereto,  and  shall  have,  hold  and  enjoy  the 
same  so  long  as  the  same  shall  be  used  for  the  purposes  of  said  Road, 
and  no  longer,  unless  the  person  or  persons  owning  the  land  at  the  time 
that  part  of  the  said  Road  which  may  be  on  said  land  was  finished,  or 
those  claiming  under  him,  her  or  them,  shall  apply  for  an  assessment  of 
the  value  of  said  lands  as  heretofore  directed,  within  two  years  next 
after  that  part  of  said  Road  which  may  be  on  the  said  land  was  finished  ; 
and  in  case  the  said  owner  or  owners,  or  those  claiming  under  him,  her 
or  them,  shall  not  apply  within  two  years  next  after  the  said  part  was 
finished,  he,  she  or  they  shall  forever  be  barred  from  recovering  said 
land,  or  having  any  assessment  or  compensation  therefor  :  Provided, 
That  nothing  herein  contained  shall  affect  the  rights  of  feme  coverts  or 
infants,  until  two  years  after  the  removal  of  their  respective  disabilities. 

Sec.  28.  That  all  lands  not  heretofore  granted  to  any  person,  nor 
appropriated  by  law  to  the  use  of  the  State,  within  one  hundred  feet  of 


15 

the  centre  of  said  Road  which  may  be  constructed  by  said  Company, 
shall  vest  in  said  Company  so  soon  as  the  line  of  the  Road  is  definitely 
laid  out  through  it ;  and  any  grant  of  said  land  thereafter  shall  be 
void. 

Sec.  29.  Be  it  further  enacted,  That  if  any  person  or  persons  shall 
intrude  upon  the  said  Road  by  any  manner  of  use  thereof,  or  of  the 
rights  and  privileges  connected  therewith,  without  the  permission,  or 
contrary  to  the  will  of  the  said  Company,  he,  she  or  they  may  be 
indicted  for  misdemeanor,  and  upon  conviction,  fined  and  imprisoned  by 
any  court  of  competent  jurisdiction. 

Sec.  30.  Be  it  farther  enacted,  That  if  any "  person  shall  wilfully 
and  maliciously  destroy,  or  in  any  manner  hurt  or  damage,  or  obstruct, 
or  shall  wilfully  and  maliciously  cause,  or  aid  or  assist,  or  counsel  and 
advise  any  other  person  or  persons  to  destroy  or  in  any  other  manner  to 
hurt  or  damage,  or  obstruct  or  injure  said  Railroad,  or  any  bridge  or 
vehicle  used  for  or  in  the  transportation  thereon,  any  water  tanks, 
warehouse,  or  any  other  property  of  said  Company,  such  person  or 
persons  so  offending  shall  be  liable  to  be  indicted  therefor,  and  on  con- 
viction shall  be  imprisoned  for  not  more  than  twelve  nor  less  than  one 
month,  and  pay  a  fine  not  less  than  twenty  nor  more  than  five  hundred 
dollars,  at  the  discretion  of  the  court  before  which  said  conviction  shall 
take  place  ;  and  shall  be  further  liable  to  pay  all  expenses  of  repairing 
the  same ;  and  it  shall  not  be  competent  for  any  person  so  offending 
against  the  provisions  of  this  clause  to  defend  himself  by  pleading  or 
giving  in  evidence  that  he  was  the  owner,  agent  or  servant  of  the  owner 
of  the  land,  when  such  destruction,  damage,  injury  or  obstruction  was 
done,  at  the  time  the  same  was  done  or  caused  to  be  done. 

Sec,  31.  Be  it  further  enacted,  That  every  obstruction  to  the  sale 
and  free  passage  of  vehicles  on  said  Road  or  its  branches,  shall  be 
deemed  a  public  nuisance,  and  may  be  abated  as  such  by  any  officer, 
agent  or  servant  of  said  Company,  and  the  person  causing  such  obstruc- 
tion may  be  indicted  and  punished  for  erecting  a  public  nuisance. 

Sec.  32.  Be  it  further  enacted,  That  the  said  Company  shall  have 
the  right  to  take  at  the  storehouse  they  may  establish  on,  or  annex  to, 
their  Railroad  or  branches  thereof,  all  goods,  wares,  merchandize  and 
produce  intended  for  transportation,  prescribe  the  rules  of  priority,  and 
charge  and  receive  such  just  and  reasonable  compensation  for  storage 
as  they  may  by  rules  establish  (whieh  rates  they  shall  cause  to  be 
published)  or  as  may  be  fixed  by  agreement  with  the  owner,  which  may 
be  distinct  from  the  rates  of  transportation :  Provided,  That  the  said 
Company  shall  not  charge  or  receive  storage  on  goods,  wares,  merchan- 
dize or  produce  which  may  be  delivered  to  them  at  the  regular  deposi- 
tories for  immediate  transportation,  and  which  the  Company  may  have 
power  to  transport  immediately. 

Sec.  33.  Be  it  further  enacted,  That  the  profits  of  the  Company, 
or  so  much  thereof  as  the  General  Board  may  deem  advisable,  shall, 
when  the  affairs  of  the  Company  will  permit,  be  semi-annually  divided 
among  the  Stockholders  in  proportion  to  the  stock  which  each  may  own. 

Sec.  34.  That  the  following  officers  and  servants,  and  persons  in  the 


i 


16 

actual  employment  of  said  Company  be,  and  are  hereby,  exempt  from 
the  performance  of  Jury  and  ordinary  military  duty :  \The  President 
and  Treasurer  of  the  Board  of  Directors,  the  Chief  and  Assistant 
Engineers,  the  Secretaries  and  Accounts  of  the  Company,  Keepers  of 
the  Depositories,  Guard  stationed  on  the  Road  to  protect  it  from  injury, 
and  such  other  persons  as  may  be  working  the  locomotives,  engines 
and  traveling  with  the  cars  for  the  purpose  of  attending  the  transporta- 
tion of  goods,  produce  and  passengers  on  said  Road. 

Sec.  35.  That  the  said  Road  shall  be  divided  into  sections  of  twenty- 
five  miles  each,  and  shall  be  commenced  at  its  eastern  terminus,  and 
built  regularly  on,  section  by  section,  to  its  western  terminus  at  Char- 
lotte ;  and  whenever  the  first  section  shall  be  completed  and  in  opera- 
tion, the  President  and  Directors  of  said  Company  may  make  their 
bonds  payable  to  the  Public  Treasurer  of  the  State  of  North  Carolina 
for  the  sum  of  two  hundred  thousand  dollars,  and  no  more,  which  said 
bonds  are  to  be  signed  by  the  President  and  under  the  seal  of  the  cor- 
poration, and  made  for  any  sums  not  under  five  hundred  dollars  each, 
and  to  bring  interest  at  the  rate  of  sis  per  cent,  per  annum,  which 
interest  is  to  be  paid  semi-annually,  to  wit :  on  the  first  Monday  in 
January  and  on  the  first  Monday  in  July  in  each  and  every  year,  and 
the  principal  of  said  bonds  and  all  other  bonds  by  this  act  authorized  to 
be  made,  to  be  made  payable  on  the  first  day  of  January,  eighteen 
hundred  and  eighty,  at  such  place  as  the  President  and  Directors  of 
said  Company  may  agree  upon ;  and  that  when  the  second  section  of 
said  Road  shall  be  completed  and  in  operation,  the  President  and 
Directors  of  said  Company  may  make  other  bonds  of  like  character  to 
the  amount  of  two  hundred  thousand  dollars,  to  be  endorsed  by  the 
Public  Treasurer  in  like  manner  as  the  first  bonds  authorized  to  be 
made  and  endorsed  as  aforesaid,  and  so  on  in  like  amounts,  and  under 
the  same  provisions,  as  often  as  each  section  shall  be  completed : 
Provided,  That  when  the  section  before  the  last  shall  be  completed, 
the  President  and  Directors  of  said  Company  may  make  their  bonds 
payable  to  the  Public  Treasurer,  to  be  endorsed  by  him  as  is  herein 
provided,  for  the  sum  of  four  hundred  thousand  dollars,  unless  the  last 
section  shall  be  less  than  twenty-five  miles,  and  then  a  deduction  shall 
be  made  in  the  amount  of  the  said  last  mentioned  bonds,  in  the  propor- 
tion of  two  hundred  thousand  dollars  to  twenty-five  miles  of  road. 

Sec  36.  That  the  Public  Treasurer  shall  not  endorse  any  of  the 
bonds  as  provided  for  in  the  43rd  Section  of  this  act,  until  after  the 
completion  of  each  section  of  the  Road  it  shall  be  made  to  appear  to 
him  by  a  certificate  under  the  seal  of  the  Company,  signed  fey  the 
President  and  countersigned  by  the  Treasurer  of  said  Company,  that 
the  same  has  been  completed  and  is  in  operation,  which  said  certificate 
shall  be  filed  with  the  Public  Treasurer ;  but  whenever,  upon  the 
completion  of  any  section  of  said  Road,  such  certificate  shall  be  filed, 
then  it  shall  be  the  duty  of  the  Public  Treasurer  to  endorse  the  bonds 
of  said  Company  as  provided  in  the  35th  Section  of  this  act,  as  follows, 
to  wit :  Pay  to or  order, ,  and  this  endorse- 
ment pledges  the  State  of  North  Carolina  as  security  for  the  payment 


17 

of  the  sum  named  in  the  bond,  according  to  the  provisions  in  this  act, 
which  endorsement  is  to  be  signed  by  the  Public  Treasurer  in  his  official 
capacity,  and  countersigned  by  the  Comptroller.  The  Public  Treasurer, 
after  endorsing  the  bonds  as  before  mentioned,  shall  duly  number  and 
register  them  at  large  in  a  book  prepared  and  kept  for  that  purpose. 

Sec.  87.  And  be  it  further  enacted,  That  it  shall  be  the  duty  of  the 
Public  Treasurer,  on  the  endorsement  being  made  as  before  directed, 
and  the  bonds  being  numbered  and  registered,  and  the  mortgage,  as 
hereinafter  directed,  being  made  and  delivered  to  the  Governor,  to 
deliver  the  same  to  the  President  and  Directors  of  said  Company  from 
time  to  time,  as  they  may  call  lor  the  same,  and  they  are  at  liberty  to 
fill  up  the  blanks  in  said  endorsement  with  the  name  or  names  of  the 
person  or  persons/or  company  or  corporation  to  whom  the  same  may  be 
sold  or  transferred,  and  when  so  filled  up  shall  be  binding  on  the  State 
of  North  Carolina,  as  if  .the  same  was  done  by  the  Public  Treasurer  at 
the  time  of  making  the  endorsement  as  aforesaid. 

Sec.  38.  Be  if,  further  enacted,  That  the  President  and  Directors, 
from  time  to  time,  as  they  shall  sell  or  transfer  the  said  bonds,  and  fill 
up  the  blanks  with  the  name  or  names  of  the  person,  company  or  cor- 
poration to  whom  they  are  sold  or  transferred,  shall  cause  a  statement  to 
be  filed  with  the  Public  Treasurer,  setting  forth  the  time  of  the  transfer 
or  sale.  The  person,  company  or  corporation  to  whom  payable,  to  be 
by  him  registered  in  the  book  kept  for  the  registration  of  the  bonds 
aforesaid. 

Sec.  39.  That  for  the  payment  of  the  interest  semi-annually,  at  the 
rate  of  six  per  centum  per  annum,  on  the  principal  debts  due  on  the 
bonds  hereby  authorized  to  be  made,  the  credit  and  faith  of  the  State  is 
pledged  to  the  holders  of  said  bonds  ;  and  on  failure  of  the  President 
and  Directors  to  pay  the  principal  and  interest  as  it  accrues,  the  Public 
Treasurer  is  authorized  to  pay  the  same  out  of  any  money  in  the 
Treasury  at  the  time.  For  the  full  and  entire  payment  aod  redemption 
of  said  principal,  the  General  Assembly  doth  hereby  guarantee  the 
principal  due  on  the  bonds  hereby  authorized  to  be  created. 

Sec.  40.  That  whenever,  after  the  first  section  of  said  Road 'shall  be 
completed  and  in  operation,  and  the  same  shall  be  duly  certified  to  the 
Public  Treasurer  as  is  herein  required,  the  President  and  Directors  of 
said  Company  shall  make,  execute  and  deliver  to  the  Governor  of  the 
State  a  deed  of  mortgage,  under  the  seal  of  the  said  Company,  wherein 
and  whereby  shall  be  conveyed  to  the  said  Governor  and  his  successors 
in  office,  for  the  use  and  benefit  of  the  State,  all  the  estate,  both, real 
and  personal,  belonging  to  said  Company,  or  in  manner  pertaining  to 
the  sarae,  conditioned  for  indemnifying  and  saving  harmless  the  State  of 
North  Carolina  from  the  payment  of  the  whole  or  part  of  the  bonds  of 
two  hundred  thousand  dollars  authorized  to  be  first  endorsed  by  the 
Public  Treasurer ;  and  also  from  the  payment  of  the  whole,  or  any  part 
of  the  other  bonds  authorized  by  this  act  to  be  made  by  the  Company 
and  endorsed  by  the  Public  Treasurer ;  also  make,  execute  and  deliver, 
with  the  seal  of  said  Company,  to  the  Governor,  for  the  use  and  benefit 
of  the  State,  a  pledge  of  so  much  of  the  profits  of  said  Company  as 


18 

shall  be  sufficient  to  pay  semi-annually  the  interest  which  may  accrue 
on  said  bonds,  until  the  final  payment  and  redemption  of  the  principal 
of  said  bonds,  which  said  deed  of  mortgage  and  pledge  shall  be  ap- 
proved by  the  Attorney  General  of  the  State,  then  it  shall  be  the  duty 
of  the  Public  Treasurer,  and  he  is  hereby  required,  to  deliver  to  the 
President  and  Directors  of  said  Kail  Road  Company  the  whole  of  said 
bonds  of  two  hundred  thousand  dollars ;  and  again,  when  the  second 
section  of  said  Road  shall  be  completed  and  in  operation,  and  the  same 
shall  be  certified  as  is  herein  provided,  to  deliver  to  the  President  and 
Directors  of  said  Road  the  other  bonds,  to  the  amount  of  two  hundred 
thousand  dollars  provided  for  in  this  act,  and  so  on,  from  time  to  time, 
as  often  as  each  section  of  said  Road  shall  be  completed,  and  the  same 
shall  be  certified  to  the  Public  Treasurer,  until  the  final  completion  of 
said  Road,  agreeable  to  the  35th  and  36th  Sections  of  this  act :  Provided, 
The  endorsements  of  the  Company's  bonds  under  this  act  by  the  State 
shall  in  no  event  exceed  the  sum  of  sixteen  hundred  thousand  dollars. 

Sec.  41.  That  in  case  of  failure  by  the  President  and  Directors  of 
said  Company  to  pay  and  discharge  semi-annually  the  interest  which 
may  accrue  on  the  bonds  hereby  authorized  to  be  made  and  executed,  it 
shall  be  lawful  for  the  Governor  of  the  State  to  apply  in  behalf  of  the 
State  to  the  Superior  Court  of  equity  for  the  county  of  Wake  for  a 
sequestration  of  the  receipts  of  transportation  on  said  Road,  and  for  the 
appointment  of  a  Receiver  or  Receivers  of  the  said  receipts  ;  which 
court,  on  the  proof  of  the  failure  to  pay  such  interest  by  the  President 
and  Directors  of  said  Rail  Road  Company,  shall  have  power  to  order 
sush  sequestration,  and  appoint  a  Receiver  or  Receivers  accordingly ; 
and  in  case  of  such  sequestration  and  the  appointment  of  a  Receiver  or 
Receivers  of  the  profits  for  transportation  on  said  Road,  it  shall  be  the 
duty  of  such  Receiver  or  Receivers  to  apply  so  much  thereof  as  shall 
be  sufficient  to  pay  the  interest  on  said  bonds  semi-annually,  and  to  pay 
the  excess  to  the  President  and  Directors  of  said  Rail  Road  Company. 

Sec.  42.  That  from  and  after  the  first  day  of  January,  one  thousand 
eight  hundred  and  eighty,  it  shall  be  the  duty  of  the  President  and 
Directors  of  said  Company  to  pay  and  redeem  the  principal  of  the 
bonds  hereby  authorized  to  be  issued  by  the  President  and  Directors  of 
said  Company  and  endorsed  by  the  Public  Treasurer,  and  delivered  by 
him  to  said  Company  at  such  time,  and  in  such  amounts  annually,  as 
may  be  prescribed  and  directed  by  an  act  of  the  General  Assembly  of 
this  State  ;  and  in  case  of  a  failure  of  the  President  and  Directors  of 
said  Company  to  pay  off  and  redeem  the  principal  of  said  bonds,  at  such 
times  and  in  such  amounts  as  shall  be  prescribed  by  the  General  As- 
sembly, then  it  shall  be  the  duty  of  the  Governor  of  this  State  to  cause 
the  mortgage  made  and  executed  by  the  President  and  Directors  of  said 
Company,  to  be  foreclosed  in  the  Superior  Court  of  equity  for  Wake 
county,  which  couit  is  hereby  authorized  and  empowered  to  take  juris- 
diction of  the  same,  and  the  decree  of  foreclosure  being  made  by  the 
said  court,  it  shall  be  the  duty  of  the  Governor  of  said  State  to  cause 
the  whole  estate,  real  and  personal,  so  conveyed  by  Liortgage,  to  be 
sold  at  such  time  and  in  such  ways  as  shall  most  effectually  protect  and 


19 

save  nannies  the  State  against  any  loss  or  damage  by  reason  of  its 
liability  for  the  payments  of  said  bonds  or  any  part  thereof,  and  out  of 
the  proceeds  of  such  sale  or  sales,  to  pay  Off  and  redeem  the  whole 
amount  of  the  principal  of  said  bonds,  and  to  pay  the  excess  to  the 
President  and  Directors  of  said  Company. 

Sec.  43.  That  the  mortgage  hereby  authorized  and  directed  to  be 
made  and  executed,  shall  create  a  lien  on  behalf  of  the  State  upon  all 
the  personal  and  real  property  of  said  Company,  as  well  that  which 
they  may  own  at  the  time  of  the  execution  of  said  mortgage  as  that 
which  they  may  acquire  in  the  progress  of  the  construction  of  said  Road 
till  its  final  completion,  and  that  said  lien  shall  have  preference  to  all 
others  of  whatsoever  nature. 

Sec.  44.  That  the  President  and  Directors  of  said  Company  shall  not 
dispose  of  any  of  the  bonds  by  this  act  authorized  to  be  made  by  the 
Company  and  endorsed  by  the  Public  Treasurer,  for  a  less  sum  than 
their  par  value. 

Sec.  45.  That  for  the  purpose  of  continuing  said  Road  to  a  point  at 
or  near  Rutherfordton,  the  said  capital  stock  of  said  Company  shall  be 
increased  one  million  of  dollars. 

Sec.  46.  That  subscriptions  to  raise  said  capital  stock  shall  be  opened 
in  the  town  of  Charlotte  by  W.  W.  Elms,  William  Johnston,  C.  J. 
Fox,  General  John  A.  Young  and  William  R.  Myers,  or  a  majority  of 
them ;  at  Lincolnton,  by  Henry  Cansler,  John  F.  Hoke,  L.  D.  Childs, 
J.  F.  Alexander  and  Benjamin  Johnson,  or  a  majority  of  them ;  at 
Dallas,  by  James  H.  White,  Alexander  Hoyle,  Dana  Jenkins,  Jasper 
Stowe  and  William  Sloane,  or  a  majority  of  them;  at  Shelby,  by  Dr. 
W.  T.  J.  Miller,  Dr.  Thomas  Williams,  Charles  Blanton,  William 
Roberts  and  C.  0.  Durham,  or  a  majority  of  them ;  at  Rutherfordton, 
by  W.  Miller,  Samuel  Wilkins,  Robert  G-.  Twitty,  T.  B.  Justice  and 
A.  Gr.  Logan,  or  a  majority  of  them  ;  and  at  such  other  places,  and  by 
such  other  persons  as  a  majority  of  the  commissioners  in  the  town  of 
Charlotte  may  direct,  which  said  subscription  shall  be  made  under  the 
same  conditions  and  restrictions  as  are  prescribed  in  the  preceding 
sections  of  this  act. 

Sec.  47.  That  as  soon  as  the  amount  of  one-third  of  said  increased 
capital  stock  shall  be  paid  in  and  expended  in  the  construction  of  said 
Road  from  Charlotte  to  Rutherfordton,  and  when  the  Company  shall 
have  complied  with  the  terms  and  conditions  in  every  particular  as 
described  in  the  35th,  36th,  37th,  38th,  39th,  40th,  41st,  42d  and 
43rd  Sections  of  this  act,  then  the  Public  Treasurer  shall  endorse  the 
bonds  of  the  Company  for  the  remaining  two-thirds  of  the  increased 
capital,  under  the  same  restrictions,  liabilities  and  conditions  as  pre- 
scribed in  the  said  before  enacted  sections  of  this  act. 

Sec.  48.  That  the  subscriptions  authorized  in  the  46th  Section  of 
this  act,  shall  be  solely  for  the  continuation  of  the  R,oad  from  Charlotte 
to  a  point  at  or  near  Rutherfordton,  and  shall  be  expended  for  no  other 
purpose  whatever ;  and  if  the  said  one-third  amount  of  the  capital 
stock  is  not  raised,  then  the  said  Wilmington  and  Charlotte  Rail  Road 


20 

Company  shall  be  under  no  obligations  to  continue  said  Road  beyond 
the  town  of  Charlotte. 

Seg.  49.  Be  it  further  enacted,  That  any  other  Rail  Road  Company 
incorporated  by  the  General  Assembly  of  this  State,  shall  have  leave 
to  make  a  connection  with  the  said  Wilmington  and  Charlotte  Rail 
Road,  and  at  the  point  or  points  of  connection  shall  have  leave  to  erect 
the  necessary  buildings  for  receiving  and  forwarding  produce,  merchan- 
dize and  passengers,  to  be  transported  on  each  intersecting  road  or 
roads. 

Ratified  the  13th  day  of  February,  1855. 


SUPPLEMENTAL  ACT. 

AN  ACT  SUPPLEMENTAL  TO  AN  ACT  PASSED  AT  THE 
PRESENT  SESSION  OP  THE  GENERAL  ASSEMBLY,  ENTI- 
TLED "AN  ACT  TO  INCORPORATE  THE  WILMINGTON 
AND  CHARLOTTE  RAIL  ROAD  COMPANY." 

Sec.  1st.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the  same, 
That  the  name  of  the  Wilmington  and  Charlotte  Rail  Road  Company 
shall  be  altered,  and  the  said  Company  shall  be  known  and  styled  the 
Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company,  and  by 
said  name  shall  sue  and  be  sued,  and  in  said  name  shall  transact  and 
perform  all  the  acts  and  duties,  and  exercise  all  the  privileges  and 
powers  contained  in  the  said  act  incorporating  the  Wilmington  and 
Charlotte  Rail  Road  Company. 

Sec.  2nd.  Be  it  further  enacted,  That  the  capital  stock  of  the 
Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company  shall  be 
three  millions  of  dollars,  to  be  raised  in  the  manner  and  for  the  purposes 
prescribed  in  the  above  recited  act. 

Sec.  3rd.  Be  it  further  enacted,  That  the  said  Company  shall  have 
power,  and  they  are  hereby  authorized  to  commence  the  construction  of 
said  Rail  Road  at  Charlotte,  and  extending  West  in  the  direction  of 
Rutherfordton  as  soon  as  the  requisite  amount  shall  have  been  sub- 
scribed for  that  purpose  :  Provided,  That  nothing  herein  contained 
shall  be  so  construed  as  to  require  said  Wilmington,  Charlotte  and 
Rutherford  Rail  Road  to  expend  any  money  upon  the  construction  of 
the  Road  West  of  Charlotte,  except  such  funds  as  may  be  subscribed 
for  that  purpose  in  the  manner  prescribed  in  the  before  recited  act . 

Sec.  4th.  Be  it  further  enacted,  That  the  bonds  authorized  to  be 
issued  by  the  said  Company  to  be  endorsed  by  the  Public  Treasurer, 
shall  be  bonds  with  coupons  attached,  and  shall  be  payable  at  such  place 
as  the  President  and  Directors  of  said  Company  may  direct. 

Sec.  5th.  Be  it  further  enacted,  That  said  Company  may  commence 


21 

the  construction  of  said  Road  at  its  eastern  terminus  at  any  point  on 
the  Wilmington  and  Manchester  Rail  Road  in  the  State  of  North 
Carolina,  or  at  any  point  on  the  Wilmington  and  Weldon  Rail  Road  in 
the  county  of  New  Hanover. 

Read  three  times  and  ratified  in  General  Assembly,  this  14th  day  of 
February,  1855. 

SAMUEL  P.   HILL, 
Speaker  of  the  House  of  Commons. 
WARREN  WINSLOW, 
Speaker  of  the  Senate. 


AN  ACT 

!TO  ALTER  AND  AMEND  THE  CHARTER  OP  THE  WILMING- 
TON, CHARLOTTE  AND  RUTHERFORD  RAIL  ROAD 
COMPANY. 

Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of  North 
Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  the 
acts  of  the  last  General  Assembly,  incorporating  the  Wilmington,  Char- 
lotte and  Rutherford  Rail  Road  Company  be,  and  the  same  are  hereby 
altered  and  amended  in  the  particulars  hereinafter  recited,  a  majority  of 
the  Stockholders  of  said  Company  in  general  meeting  concurring  therein. 
It  shall  be  competent  for  said  Company  to  commence  the  construction 
and  completion  of  said  Road  at  any  eligible  point  on  the  west  bank  of 
the  northwest  branch  of  the  Cape  Fear  river  or  the  town  of  Fayette- 
ville,  and  from  that  point,  as  a  temporary  terminus,  to  continue  the 
work  westwardly  as  if  said  point  had  been  mentioned  in  the  original 
Charter,  with  the  other  points  named  therein  ;  and  that  it  shall  likewise 
be  competent  for  said  Company  at  a  future  day  to  extend  their  Road 
eastwardly,  near  or  into  the  town  of  Wilmington,  on  the  east  side  of 
the  Cape  Fear  river  ;  and  until  the  town  and  the  said  temporary  ter- 
minus shall  be  connected  by  such  eastern  extension,  the  said  Company 
shall  have  power  and  authority  to  purchase  or  lease,  and  to  erect,  have 
and  to  hold  all  necessary  wharves,  warehouses  or  other  structures  within 
said  town,  and  to  connect  the  same  with  said  temporary  terminus  by 
means  of  steam  or  other  boats  or  vessels  to  be  used  on  said  river  for 
that  purpose. 

Sec.  2.  Be  it  further  enacted,  That  in  case  the  Rail  Road  Company 
shall  fail  to  build  that  portion  of  the  Road  between  said  temporary 
terminus  and  the  town  of  Wilmington,  within  six  years  from  and  after 
the  passage  of  this  act,  that  then  the  said  town  of  Wilmington,  as  a 
corporation,  or  the  citizens  thereof,  or  both  combined,  shall  have  power 
and  authority  to  build  said  portion  of  the  Road,  and  for  the  costs  of  the 
same  the  Rail  Road  Company  shall  issue  certificates  of  stock  to  the 
parties  entitled  thereto,  as  contributors  to  said  work. 


22 

Seo.  3.  Be  it  further  enacted,  That  the  said  Road  shall  consist  of 
two  great  divisions  :  the  eastern  commencing  at  the  temporary  or  other 
eastern  terminus,  and  terminating  at  Charlotte  ;  and  the  western  com- 
mencing at  that  point,  to  be  regularly  built  to  the  western  terminus  of 
said  Road  ;  and  that  each  of  said  divisions  shall  be  built  in  sections  of 
twenty-five  miles  each,  save  the  last  section  of  each  division,  which  may 
be  less ;  and  save  also  the  portion  from  the  town  of  Wilmington  to  the 
aforesaid  temporary  terminus,  which  shall  constitute  a  separate  and  dis- 
tinct section,  whatever  may  be  its  length,  and  whenever  the  same  may 
be  built. 

Sec.  4.  Be  it  further  enacted,  That  nothing  in  this  act  and  the 
original  Charter  shall  be  so  construed  as  to  prevent  the  said  Company 
from  putting  under  contract  the  whole  or  any  part  of  their  Road  at  any 
time,  so  as  to  prepare  the  Road-bed,  bridges  and  trestles,  for  the  recep- 
tion of  the  superstructure  at  the  earliest  practicable  day.  It  shall 
likewise  be  competent  for  the  Company  to  commence  and  complete  either 
division  of  the  Road  by  itself,  or  to  commence  and  prosecute  the  work 
on  both  divisions  at  one  and  the  same  time,  and  the  mortgage  and 
pledge  required  to  be  executed  upon  the  completion  of  the  first  section 
of  either  division  as  aforesaid,  shall  be  drawn,  held  and  taken  as 
applying  to  each  of  the  great  divisions  of  the  Road  as  separate  and 
distinct  works,  and  as  if  said  divisions  were  included  in  separate  and 
distinct  mortgages  and  pledges,  subjecting  either  division  to  forfeiture 
and  foreclosure  for  a  failure  on  its  part,  and  authorizing  and  requiring 
a  foreclosure  and  forfeiture  of  that  division  only  which  shall  tail  to 
comply  with  the  conditions  thereof :  and  said  mortgage  and  pledge  shall 
be  so  drawn,  held  and  construed  until  the  two  divisions  shall  be  com- 
pleted, and  thencefoith  the  fulfillment  of  the  conditions,  as  to  the  entire 
liabilities  of  the  Company,  shall  attach  to  the  entire  Road,  and  subject 
the  whole  work,  as  aforesaid,  to  forfeiture  upon  the  non-perfoi  mance  of 
the  conditions  and  provisions  required  of  the  two  divisions  separately, 
as-  aforesaid. 

Seo.  5,  Be  it  further  enacted,  That  the  said  Company  shall  have 
power  and  authority  to  open  books  for  the  subscription  for  the  capital 
stock  of  the  Company  from  time  to  time ;  and  when  they  may  deem 
the  same  practicable  with  the  means  they  may  have  at  command,  they 
shall  have  authority  to  construct  a  branch  from  some  suitable  point  on 
the  line  of  their  Road  to  the  town  of  Fayetteville  ;  and  also  to  locate 
and  construct  one  or  more  branches  from  their  main  stem  in  the  counties 
of  Richmond  and  Anson  to  the  coalfields  in  the  counties  of  Moore  and 
Montgomery ;  and  likewise  construct  a  branch  from  their  main  stem  in 
the  county  of  Richmond  to  the  town  of  Gold  Hill. 

Sec.  6.  Be  it  further  enacted,  That  the  bonds  endorsed  by  the  State 
shall  only  be  used  for  the  purpose  of  building  the  main  stem  of-  the 
Road,  and  shall  not  be  used  in  building  the  different  branches  mentioned 
in  the  charter. 

Seo.  7.  Be  it  further  enacted,  That  each  and  every  county  on  the 
line  of  the  whole  Road  shall  be  authorized  and  empowered  to  subscribe 
for  any  number  of  shares  of  the  capital  stock  of.  said  Company,  not 


23 

exceeding  four  thousand,  under  the  provisions  following :  •  A  majority 
of  the  justices  of  each  county  at  any  time  of  the  County  Court,  shall 
determine  the  number  of  shares  for  which  they  propose  the  county  shall 
subscribe,  and  appoint  a  day  for  holding  an  election  in  relation  thereto, 
and  cause  the  same  to  be  entered  upon  the  minutes  of  the  court,  and  it 
shall  be  the  duty  of  the  sheriff  of  the  county,  in  at  least  four  public 
places,  to  advertise  the  object  and  the  day  of  the  election  for  at  least 
sixty  days  prior  thereto,  and  on  said  day  to  open  and  keep  open  the 
polls,  agreeably  to  the  acts  regulating  the  elections  for  members  of  the 
General  Assembly,  and  all  the  qualified  voters  for  members  of  the 
House  of  Commons  in  said  county  favoring  the  subscription,  may  vote 
'  yea,'  and  all  opposing  may  vote  '  no,'  and  the  result  of  such  election 
shall  be  faithfully  made  known  to  the  Justices  holding  the  first  County 
Court  thereafter,  and  be  made  a  matter  of  record ;  the  result  being 
favorable  to  the  subscription,  the  same  shall  be  ample  and  full  authority 
for  the  chairman  of  the  court,  and  it  shall  be  his  duty  to  make  the 
subscription  as  proposed  in  the  name  of  the  county.  To  enable  the 
Justices  of  said  county  to  meet  the  installments  that  may  be  required 
upon  such  subscription,  or  otherwise  pay  for  the  same,  they  are  hereby 
invested  with  authority  to  issue  the  bonds  of  the  county,  redeemable  in 
any  period  not  exceeding  twenty  years  from  the  dates  thereof ;  to  bear 
interest  payable  semi-annually,  at  a  rate  not  exceeding  seven  per  cent, 
per  annum ;  and  it  shall  be  the  duty  of  the  Justices  of  the  county 
regularly  to  provide  the  means  for  meeting  the  interest  on  the  county 
bonds,  as  the  same  shall  become  due,  by  laying  such  taxes  annually  on 
the  persons,  lands  and  other  property  within  the  county  as  shall  and 
may  be  sufficient  for  that  purpose.  And  the  said  Justices  shall  likewise 
annually  appoint  a  county  agent  to  negotiate  any  loan  or  loans  that  may 
be  necessary,  to  sell  and  dispose  of  the  bonds,  to  receive  the  tax 
imposed  to  meet  the  interest,  and  regularly  and  faithfully  apply  the 
same  to  its  payment,  to  represent  the  said  county  in  all  meetings  of  the 
Stockholders  of  the  Rail  Road  Company,  and  to  receive  the  dividends 
that  may  become  due  upon  the  county  stock,  and  apply  the  same,  either 
to  the  interest  or  to  a  sinking  fund,  for  the  extinguishment  of  the 
piincipal,  as  the  Justices  of  the  County  Court  may  direct.  And  it 
shall  likewise  be  the  duty  of  the  Justices  of  the  county,  in  due  season, 
to  make  ample  provision  by  taxation,  or  otherwise,  for  liquidating  the 
principal  of  said  bonds  as  they  shall  come  to  maturity. 

Sec.  8.  Be  it  further  enacted,  That  all  incorporated  towns,  banks 
and  other  bodies  politic  and  corporate,  within  this  State,  shall  have 
power  and  authority  to  subscribe  for  any  number  of  shares  of  the  capital 
stock  of  said  Company,  the  sense  of  a  majority  of  the  corporators  being 
first  duly  taken  and  ascertained  to  favor  the  same  ;  and  such  corpora- 
tions shall  have  power  and  authority  to  issue  all  necessary  bonds,  and 
make  all  necessary  assessments  and  levies  of  taxes  that  may  be  neces- 
sary to  meet  the  obligations  thereby  incurred.  And  the  boards  of 
commissioners,  directors  or  other  boards  appointed  for  administering  the 
affairs  of  any  such  corporation,  shall  have  power  to  appoint  an  agent  or 
agents  to  make  subscription  and  attend  to  the  payments  required  on  the 


24 

same,  to  receive  the  dividends  and  represent  such  corporation  in  all 
meetings  of  the  Stockholders,  and  to  do  and  perform  all  other  matters 
and  things  necessary  to  the  full  enjoyment  of  the  right  herein  conferred 
upon  such  bodies  politic  and  corporate. 

Sec.  9.  Be  it  further  enacted,  That  the  Stockholders  in  general 
meeting  shall,  from  time  to  time,  have  power  to  increase  or  diminish 
the  number  of  Directors,  and  that  the  same  shall  never  exceed  twenty 
nor  be  less  than  seven. 

Sec.  10.  Be  it  further  enacted,  That  it  shall  be  competent  for  the 
said  Company,  at  all  times,  to  own  as  many  slaves  and  other  chattel 
property  as  the  successful  prosecution  of  its  operations  may  require, 
and  to  invest  its  profits  and  means  as  a  sinking  fund  in  the  bonds  and 
stocks  of  this  State,  or  in  any  other  bonds,  stocks  or  securities  as  the 
President  and  Directors  may  select  as  suitable,  safe  and  proper  modes 
of  investment. 

Sec.  11.  Be  it  further  enacted,  That  in  case  the  Road-bed  shall  be 
in  such  a  state  of  preparation  on  either  or  both  of  said  divisions  of  the 
Road  as  may  make  it  desirable  to  commence  laying  the  superstructure 
at  more  points  than  those  already  specified,  it  shall  be  lawful  for  the 
President  and  Directors  of  the  Company,  at  any  time,  to  commence  and 
prosecute  the  laying  of  the  track  and  completing  the  Road,  according  to 
the  foregoing  provisions,  as  well  from  the  western  as  from  the  eastern 
termini  of  said  divisions,  and  in  that  case  the  sections  referred  to  in  this 
act,  as  the  last  sections  of  said  divisions,  shall  be  those  which  shall  last 
be  completed  and  finished. 

Sec.  12.  Be  it  further  enacted,  That  this  act  shall  be  in  force  from 
and  after  its  ratification;  and  upon  its  acceptance  by  the  Stockholders 
of  the  Company,  it  shall  be  held,  taken  and  construed  in  the  place  and 
stead  of  so  much  and  such  parts  of  the  original  Charter  as  are  incom- 
patible with  its  provisions. 

Sec.  13.  Be  it  further  enacted,  That  said  Company  shall  have  power 
and  authority  to  construct  a  branch  from  its  main  stem  at  any  eligible 
point  west  of  the  Catawba  river  to  connect  with  the  railway  of  the 
Western  North  Carolina  Rail  Road  Company  at  any  point  on  the  west 
side  of  said  river. 

Ratified  the  2d  day  of  February,  1857. 


Atf  ACT 

TO  AMEND  THE  CHARTER  OF  THE  WILMINGTON,  CHAR- 
LOTTE AND  RUTHERFORD  RAIL  ROAD  COMPANY. 

Whereas,  By  the  act  incorporating  the  Wilmington,  Charlotte  and 
Rutherford  Rail  Road  Company,  the  State  of  North  Carolina  binds 
herself  to  endorse  the  bonds  of  said  Company  when  twenty-five  miles 
of  their  Road  shall  be  completed  and  in  operation,  to  an  amount  not 
exceeding  two  hundred  thousand  dollars,  and   a  like  amount  on  the 


Completion  of  each  section  of  twenty-five  miles,  except  the  last,  when 
she  endorses  to  the  amount  of  four  hundred  thousand  dollars  ;  the 
intention  being  to  endorse  bonds  to  the  extent  of  eight  thousand  dollars 
per  mile  ;  and  whereas,  the  bonds  of  the  State  will. always  command  a 
better  market  price  than  her  endorsed  bonds;  and  whereas,  the  purpose 
of  the  State  was  to  give  aid  in  the  construction  of  said  Rail  Road,  and 
at  the  same  time  secure  herself  against  loss  or  harm  ;    Therefore, 

Suction  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the  same, 
That  the  Public  Treasurer  is  hereby  authorized  and  directed  to  issue 
and  dispose  of  for  money  coupon  bonds  of  the  State  of  North  Carolina, 
signed  by  the  Governor,  countersigned  by  the  Public  Treasurer,  and 
sealed  with  the  great  seal  of  the  State,  bearing  six  per  cent,  interest, 
the  principal  payable  at  the  end  of  thirty  years  from  the  date  thereof, 
and  the  coupons  of  interest  payable  semi-annually  in  such  form  and  at 
such  times  and  places  as  the  Public  Treasurer  may  direct,  for  the  pur- 
pose of  raising  the  funds  hereinafter  directed  to  be  loaned  to  the 
Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company. 

Sec.  1.  Be  it  further  enacted,  That  before  the  Public  Treasurer 
shall  make  any  loan  to  said  Company  of  any  of  the  moneys  received 
upon  any  of  the  bonds  hereby  authorized  to  be  issued  and  disposed  of, 
the  said  Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company 
shall  deliver  to  the  Public  Treasurer  the  coupon  bonds  of  said  Company, 
and  bearing  the  same  interest  and  date,  the  principal  and  coupons 
payable  at  the  same  time  and  place  as  those  of  the  State  hereinbefore 
directed  to  be  issued  and  disposed  of,  and  to  secure  the  principal  and 
interest  of  said  bonds,  issued  by  the  Wilmington,  Charlotte  and  Ruther- 
ford Rail  Road  Company,  the  State  of  North  Carolina  shall  by  this  act 
have  a  lien  upon  all  the  estate  of  said  Company,  both  real  and  personal, 
which  they  may  now  have  or  may  hereafter  acquire,  between  the  town 
of  Wilmington  and  the  terminus  of  said  Road  at  Rutherford  ton, 
including  that  at  both  points,  together  with  all  the -rights,  franchises 
and  powers  thereunto  belonging  or  in  any  way  appertaining,  or  that 
may  hereafter  belong  or  appertain  to  said  Company,  and  which  lien 
shall  have  preference  over  all  other  claims  whatever ;  and  in  case  of 
failure  of  said  Company  to  pay  the  semi-annual  interest  on  said  bonds 
for  twenty-four  months  after  such  interest  shall  become  due,  or  to  pay 
the  principal  of  said  bonds  for  twelve  months  after  their  maturity,  the 
Board  of  Internal  Improvement,  for  and  on  behalf  of  the  State,  may 
enter  upon  and  take  possession  of  all  the  property  hereinbefore  specified, 
and  dispose  of  the  same  by  sale  or  otherwise,  so  as  to  protect  the  State. 

Sec.  3.  Be  it  further  enacted,  That  the  Public  Treasurer  shall  issue 
and  dispose  of  the  bonds,  as  hereinbefore  directed,  from  time  to  time 
as  may  hi  necessary  to  make  the  loans  to  said  Company,  as  required  by 
the  provisions  of  this  act ;  and  the  said  loans  shall  be  made  in  the  sums 
and  on  the  conditions  following,  to  wit :  When  it  shall  be  certified  by 
the  President  of  the  said  Wilmington,  Charlotte  and  Rutherford  Rail 
Road  Company  that  twenty -five  miles  of  said  Road  have  been  completed 
and  put  in  operation,  commencing  on  the  bank  of  Cape  Fear  at  or  near 


Wilmington,  said  Company  shall  be  entitled  to  receive  two  hundred 
thousand  dollars  ($200,000) ;  and  upon  the  completion  of  each  suc- 
ceeding section  of  twenty-five  miles,  the  like  sum  of  two  hundred 
thousand  dollars  :  Provided,  That  when  the  section  before  the  last 
shall  be  completed,  the  President  and  Directors  of  said  Company  shall 
receive  the  sum  of  four  hundred  thousand  dollars,  as  herein  provided, 
unless  the  last  seetion  shall  be  less  than  twenty-five  miles,  and  then  a 
deduction  shall  be  made  in  the  last  mentioned  sum  in  the  proportion  of 
two  hundred  thousand  dollars  to  twenty-five  miles  of  road ;  it  being  the 
purpose  of  this  act  to  substitute  the  bonds  of  the  State  for  the  endorse- 
ment of  the  State,  as  required  in  the  Charter  of  said  Company,  to  the 
extent  of  eight  thousand  dollars  per  mile  of  said  Road,  and  no  more. 
And  the  provisions  of  this  act  shall  equally  extend  to  that  division  of 
the  said  Road  which  lies  between  the  town  of  Charlotte  and  the  town  of 
Rutherfordton. 

Sec.  4.  Be  it  further  enacted,  That  the  bonds  of  the  State,  hereby 
authorized  to  be  issued,  shall  not  be  sold  for  less  than  their  par  value. 

Sec.  5.  Be  it  further  enacted,  That  all  certificates  made  in  pursu- 
ance of  this  and  previous  acts,  by  the  President  of  this  corporation, 
shall  be  under  oath,  and  the  Board  of  Internal  Improvements  shall,  if 
they  deem  it  necessary,  have  power  to  satisfy  themselves  by  a  personal 
examination  of  the  Road,  or  by  taking  evidence  upon  oath  that  the  said 
corporation  has  complied  in  good  faith  with  the  conditions  precedent 
upon  which  State  bonds  are  to  be  issued  and  disposed  of. 

Sec.  6.  Be  it  further  enacted,  That  this  act  shall  be  in  operation 
from  and  after  its  ratification. 

Read  three  times  and  ratified  in  General  Assembly  this,  the  7th  day 
of  February,  1859. 


AN  ACT 

TO  SECURE  THE  COMPLETION  OF  THE  WILMINGTON, 
CHARLOTTE  AND  RUTHERFORD  RAIL  ROAD  COMPANY, 
AND  AMEND  ITS  CHARTER. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the  same, 
That  as  additional  to  the  aid  at  present  pledged  by  the  State  of  North 
Carolina  to  the  Wilmington,  Charlotte  and  Rutherford  Bail  Road 
Company,  the  Public  Treasurer  is  hereby  authorized  and  directed  to 
advance,  as  a  loan  to  said  Company,  the  sum  of  six  hundred  and  sixty 
thousand  dollars  for  the  completion  of  its  eastern  division,  and  the 
further  sum  of  three  hundred  and  forty  thousand  dollars  for  the  com- 
pletion of  its  western  division  ;  the  one-fourth  part  of  said  sums  shall  be 
advanced  to  said  Company  on  the  first  of  April  next,  one-fourth  part  on 
the  first  day  of  October  next,  and  the  remaining  half  upon  the  first  day 


27 

of  July,  1862 :  Provided,  That  said  Company  shall  call  for  said  sums 
On  the  days  stated,  and  certify  to  the  Treasurer  that  the  same  can  be 
advantageously  expended  in  the  prosecution  of  the  works  ;  and  if  the 
Same  be  not  called  for  upon  said  days,  then  the  payments  shall  there- 
after be  made  when  the  same  can  be  used  with  advantage ;  and  to 
enable  the  Public  Treasurer  to  make  said  loans,  he  is  hereby  authorized 
and  directed  to  issue  and  dispose  of  (at  not  less  than  their  par  value) 
the  coupon  bonds  of  the  State,  signed  by  the  Governor,  countersigned 
by  the  Treasurer,  and  sealed  with  the  great  seal  of  the  State,  bearing 
six  per  cent,  interest,  the  principal  payable  at  the  end  of  thirty  years 
from  their  respective  dates,  and  the  coupons  of  interest  payable  semi- 
annually in  such  forms,  times  and  places  as  the  Public  Treasurer  may 
direct. 

Sec.  2.  Be  it  further  enacted,  That  before  the  Public  Treasurer 
shall  make  any  loan  as  aforesaid,  the  said  Wilmington,  Charlotte  and 
Rutherford  Rail  Road  Company  shall  deliver  to  the  Public  Treasurer 
the  coupon  bonds  of  said  Company,  bearing  the  same  interest  and  date, 
the  principal  and  coupons  payable  at  the  same  time  and  place  as  those 
of  the  State  hereinbefore  directed  to  be  issued  and  disposed  of ;  and  to 
secure  the  principal  and  interest  of  said  bonds  issued  by  the  Wilmington,  * 
Charlotte  and  Rutherford  Rail  Road  Company,  the  State  of  North 
Carolina  shall  by  this  act  have  a  lien  upon  all  the  estate  of  said  Company, 
both  real  and  personal,  which  they  may  now  have  or  may  hereafter 
acquire  between  the  town  of  Wilmington  and  the  terminus  of  said  Road 
at  Rutherfordton,  including  that  at  both  places,  together  with  all  the 
rights,  franchises  and  powers  thereunto  belonging,  or  in  any  wise  apper- 
taining, or  that  may  hereafter  belong  or  appertain  to  said  Company, 
which  lien  shall  have  preference  over  all  other  claims  whatever ;  and  in 
case  of  failure  of  said  Company  to  pay  the  semi-annual  interest  on  said 
bonds  for  twenty-four  calendar  months  after  such  interest  shall  become 
due,  or  to  pay  the  principal  of  said  bonds  for  twelve  calendar  months 
after  their  maturity,  the  Board  of  Internal  Improvement,  for  and  on 
behalf  of  the  State,  may  enter  upon  and  take  possession  of  all  the 
property  hereinbefore  specified,  and  dispose  of  the  same  by  sale  or 
Otherwise,  so  as  to  protect  the  State. 

Seo.  8.  Be  it  further  enacted,  That  any  of  the  real  or  personal  estate 
of  said  Company  may  be  sold  by  the  Board  of  Directors,  the  assent  of 
the  Board  of  Internal  Improvement  being  first  had  and  obtained  for  any 
such  sale. 

Seo.  4.  Be  it  further  enacted,  To  afford  at  all  times  a  sure  and  safe 
mode  of  investing  any  sinking  fund  it  may  establish,  that  it  shall  be 
competent  for  said  Company  at  any  time  to  redeem  from  the  Public 
Treasurer  any  number  or  portion  of  its  bonds,  the  same  then  being  the 
property  of  the  State,  by  paying  therefor  the  par  value  thereof,  and  if 
the  bonds  of  this  State  shall  be  below  par,  then  by  paying  therefor  the 
same  price  that  said  State  bonds  may  command  in  the  leading  markets 
of  the  country,  to  be  ascertained  by  the  Public  Treasurer. 

Sec.  5.  Be  it  further  enacted,  That  said  Company  may  at  any  time 
open  books  for  new  subscriptions  to  its  capital  stook,  and  whenever  the 


28 

gaine  may  be  deemed  practicable,  with  any  means  it  may  command,  it 
stall  have  power  to  construct  and  use  a  branch  of  its  Road  from  some 
point  either  in  Anson  or  Richmond  county  to  the  town  of  Salisbury ; 
and  the  counties  through  which  the  same  may  pass  shall  have  power 
and  authority  to  subscribe  to  the  capital  stock,  pursuing  the  mode  pre- 
scribed in  the  Charter  of  the  Company  for  the  counties  along  the  main 
stem  of  the  Rpad  :  Provided,  however,  That  no  part  of  the  State  loan 
shall  b6  applied  to  the  construction  of  said  branch,  aad  if  built  by  said 
Company,  the  lien  of  the  State  shall  not  extend  thereto,  nor  to  any  part 
of  the  real  or  personal  estate  connected  therewith. 

Sec.  6.  Be  it  further  enacted,  That  no  person  shall  be  held  to  be 
incompetent  as  a  witness  by  reason  of  his  being  a  Stockholder  in  said 
Company,  but  his  interest  shall  be  weighed  as  affecting  his  credibility 
in  all  causes,  whether  in  law  or  equity. 

Seo.  7.  Be  it  further  enacted,  That  this  act  shall  be  in.  operation 
from  and  after  its  ratification. 

Ratified  the  16th  day  of  February,  1861. 


[from  the  journal  oe  the  state  convention,  Junb  28,  1861.] 

RESOLUTION 

IN  FAVOR  OF  THE  WILMINGTON,  CHARLOTTE  AND 
RUTHERFORD  RAIL  ROAD  COMPANY. 

Mr.  Ruffin  presented  the  memorial  of  Haywood  W.  Guion,  President 
of  the  Wilmington,  Charlotte  and  Rutherford  Rail  Road  Company, 
asking  the  Convention  to  authorize  the  Governor  to  issu#  to  said 
Company  the  coupon  bonds  of  the  State  to  which  it  was  entitled  by  its 
Charter  on  the  first  day  of  April  last ;  the  Governor  having,  from  his 
opinion  of  public  policy,  declined  to  sign  and  deliver  the  same,  which 
was  read. 

Mr.  Rufim  offered  a  resolution  to  carry  out  the  prayer  of  the  memo- 
rialist, which  passed  its  third  reading,  as  follows  : 

Resolved,  That  his  Excellency,  the  Governor,  be  requested,  and  the 
Treasurer  be  directed,  to  execute  and  deliver  to  the  Wilmington,  Char- 
lotte and  Rutherford  Rail  Road  Company,  the  amount  of  coupon  State 
bonds  to  which  the  said  corporation  was  entitled  on  the  first  day  of 
April  last,  for  work  before  that  time  accomplished  :  Provided,  The 
same  shall  be  accepted  by  the  said  corporation  at  their  par  value  : 
Provided,  This  resolution  shall  not  be  construed  to  authorize  or  direct 
the  Governor  and  Treasurer  to  issue  any  other  State  bonds  to  any  other 
corporation  in  this  State,  unless,  in  his  judgment,  he  may  consider  it 
his  duty  to  do  so  under  the  requirements  of  law. 

Ratified  the  28th  day  of  June,  1861. 


AN  ACT 

AUTHORIZING  AND  DIRECTING  THE  RENEWAL  OF  CER- 
TAIN BONDS  IN  THE  HANDS  OP  THE  WILMINGTON, 
CHARLOTTE  AND  RUTHERFORD  RAIL  ROAD  COMPANY. 

Whereas,  The  bonds  issued  under  said  act  since  the  twentieth  day 
of  May,  one  thousand  eight  hundred  and  sixty-one,  express  on  the.ir 
face  that  they  are  payable  in  good  and  lawful  money  of  the  Confederate 
States,  whereby  said  bonds,  held  by  said  Company,  bring  only  a 
nominal  price  in  market,  although  it  was  intended  by  the  act  aforesaid 
that  they  should  be  payable  in  specie,  and  they  were  accepted  by  said 
Company  under  the  belief  that  they  were  payable  in  specie  :  Therefore, 
for  the  relief  of  said  Company, 

Be  it  enacted  by  the  General  Assembly  of  the  State  of  North  Carolina, 
and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  upon  the 
surrender  of  any  of  said  bonds  to  the  Public  Treasurer  (the  Stock- 
holders of  said  Company,  in  general  meeting,  having  first  expressed 
their  approval  of  this  act),  he  shall  issue  to  said  Company  bonds  to  an 
amount  not  exeeeding  four  hundred  and  fifty-five  thousand  dollars, 
bearing  six  per  cent,  interest,  with  coupons  payable  semi-annually, 
payable  in  good  and  lawful  money  of  the  United  States,  at  the  same 
time  specified  in  the  bonds  surrendered,  at  such  place  as  the  Public 
Treasurer  may  prescribe  :  Provided,  That  the  Public  Treasurer  shall 
apply  the  coupons  due  on  bonds  of  the  said  Wilmington,  Charlotte  and 
Rutherford  Rail  Road  Company,  held  by  the  State  in  payment  of 
coupons  due  on  such  bonds  of  the  State  as  may  be  surrendered  for 
exchange  under  the  provisions  of  this  act. 

Be  it  further  enacted,  That  if  the  Public  Treasurer  shall  elect  to 
make  the  bonds  which  he  is  authorized  to  issue  under  this  act  payable 
elsewhere  than  at  the  Public  Treasury  in  Raleigh,  then  it  shall  be  a 
condition  precedent  to  their  issue  that  the  Wilmington,  Charlotte  and 
Rutherford  Rail  Road  Company,  before  such  issue,  shall  substitute  for 
their  bonds  now  held  by  the  State,  and  payable  in  Raleigh,  their  bonds 
for  the  same  amount,  and  payable  at  the  same  time  and  place,  as  the 
bonds  hereby  authorized  to  be  issued  by  the  Public  Treasurer. 

Be  it  further  enacted,  That  the  bonds  of  the  Wilmington,  Charlotte 
and  Rutherford  Rail  Road  Company,  now  filed  with  the  Public  Treasurer, 
or  which  may  be  substituted  under  the  provisions  of  this  act,  shall  have 
all  the  securities,  and  be  in  all  respects  subject  to  the  provisions  of  the 
said  act  of  the  sixteenth  of  February,  one  thousand  eight  hundred  and 
sixty-one. 

Be  it  further  enacted,  That  the  Public  Treasurer  shall  cause  all  the 
bonds  of  the  State  thus  surrendered  to  be  cancelled. 

Be  it  further  enacted,  That  the  benefits  of  this  act  shall  extend  to 
such  of  the  aforesaid  bonds  only  as  were  owned  and  held  by  said 


30 

Company  on  the  first  of  December,  one  thousand  eight  hundred  and 
sixty-five. 

And  he  it  further  enacted,  That  this  act  shall  be  in  force  imme- 
diately after  its  ratification. 

In  General  Assembly,  read  three  times  and  ratified,  this  16th  day  of 
December,  A.  D.,  1865. 

S.  F.  PHILLIPS, 
Speaker  House  of  Commons. 
J.  M.  LEACH, 
Speaker  Senate,  pro  tern. 


RESOLUTION 

PASSED  AT  STOCKHOLDER'S  MEETING,  JANUARY,  1866. 

Resolved,  That  the  By-Laws  be  amended  by  the  addition  of  the 
following,  to  wit :  That  in  case  of  the  loss  or  destruction  of  any 
Certificate  of  Stock  and  advertisement  thereof  in  the  newspaper  of 
general  circulation  which  may  be  published  on  the  line  of  the  Road  and 
nearest  the  residence  of  the  advertiser,  it  shall  be  the  duty  of  the  Board 
of  Directors,  upon  satisfactory  proof  of  such  loss  or  destruction,  to 
cause  a  new  Certificate  to  be  issued,  in  which  it  shall  be  stated  that  it  is 
issued  in  lieu  of  the  one  so  lost  or  destroyed,  and  the  original  shall  be 
described  by  its  number  and  date, 


INDE 


Proceedings  of  the  Contention  held  at  Wadesboro',  North  Caro- 
lina, on  the  3rd  and  4th  Octobeb,  1855,  for  the  Organization  of 

the  Company — By-Laws — Resolutions — Charter — Page  3  to  20. 
An  Act  to  Incorporate  the  Wilmington,  Charlotte  and  Rutherford 

Bail  Eoad  : — 

Section  1.  Provides  for  the  formation  of  the  Company,  with  a  capital 
stock  of  two  millions  of  dollars. 

Sec.  2.  Authorizes  the  construction  of  a  railroad  from  Wilmington  or 
Smithville,  or  some  point  on  either  the  Wilmington  and  Manchester 
Railroad  or  the  Wilmington  and  Raleigh-  Railroad  to  Charlotte,  via 
Lumberton,  Rockingham,  Wadesboro'  and  Monroe. 

Sec.  3.  Appoints  General  Commissioners  and  sub-Commissioners  to 
open  books  for  subscription  of  stock. 

Sec  4.  Provides  for  the  opening  of  books  twenty  days  previous  notice 
having  been  given  ;  books  to  be  kept  open  for  thirty  days ;  subscriptions 
of  stock  in  sums  of  fifty  dollars  ;  two  and  a  half  dollars  per  share  to  be 
paid  at  the  time  of  subscribing,  if  not,  subscriptions  to  be  void  ;  details 
powers  of  Commissioners. 

Sec.  5.  When  ■  $500,000  are  subscribed  and  first  installment  paid,  the 
Company  is  formed. 

Sec.  6.  Explanatory  of  Section  5. 

Sec  7.  Provides  for  the  serving  of  process. 

Sec.  8.  General  Commissioners  to  appoint  a  meeting  at  Wadesboro*; 
to  organize  the  Company,  &c,  &c. 

Sec.  9.  Nine  Directors  to  be  elected  by  ballot. 

Sec.  10.  Provides  for  the  election  of  President. 

Sec.  11.  Majority  of  all  shares  subscribed  must  be  represented  at  th« 
first  general  meeting  of  the  Stockholders ;  what  shall  constitute  a 
quorum  afterward,  to  be  decided. 

Sec.  12.  Each  share  of  stock  to  be  entitled  to  one  vote. 

Seo.  13.  General  Commissioners  to  pay  over  to  the  Directors  all  sums 
of  money  received  from  subscribers. 

Sec  14.  Provides  for  filling  vacancies. 

Seo.  15.  Ratifies  the  President's  and  Secretary's  contracts. 

Sec.  16.  Authorizes  the  construction  of  the  road. 

Seo.  17.  Company  to  have  exclusive  right  of  conveyance,  &o. 

Seo.  18.  Provides  for  collecting  installments ;  delinquencies,  &o. 

Seo.  19.  Debts  of  Stockholders  of  equal  dignity  with  judgments  in 
the  distribution  of  assets. 

Seo.  20.  Provides  for  the  issuing  and  transfer  of  certificates  of  stock. 

Seo.  21.  Capital  may  be  increased  to  $3,000,000. 

Seo.  22.  Board  of  Directors  to  report  annually,  &c, 

Seo.  23.  General  corporate  powers  enumerated. 

Sec  24.  Same  as  20. 

Seo.  25.  Provides  for  the  valuation  of  condemned  land,  &c,  &e. 

Sec  26.  Same  as  25. 

Seo.  27.  Same  as  25. 

Sec  28.  Same  as  25. 

Sec  29.  Provides  for  the  punishment  of  offenders. 

'Sec  30.  Same  as  29. 
mo,  31.  Obstructions  declared  nuisances,  &c, 


Sec.  32.  Provides  for  storehouse  regulations. 

Sec.  33.  Profits  of  the  Company  to  be  divided  among  the  Stockholders. 

Sec.  34.  Exempts  certain  officers  from  Jury  or  Military  duty. 

Seo.  35.  Divides  the  road  into  sections  ;  State  to  endorse  Company's 
Bonds,  when  first  section  is  completed,  for  the  amount  of  $200,000,  and 
so  on,  at  the  completion  of  each  section, 

Sec.  36.  Farther  explains  the  State's  endorsements. 

Sec.  37.  Authorizes  the  State  Treasurer  to  deliver  Bonds  to  the 
President. 

Sec.  38.  To  make  statement  to  the  State  Treasurer  concerning  the 
transfer  or  sale  of  Bonds. 

Sec.  39.  Pledges  the  credit  of  the  State  to  holders,  &c. 

Sec.  40.  Provides  for  the  execution  of  a  Mortgage  of  the  road,  &c. 

Sec.  41.  Provides  for  legal  proceedings  against  the  Company  on 
failure  to  pay  interest  on  Bonds. 

Sec.  42.  Provides  for  the  liquidation  of  the  Bonds,  &c. 

Sec.  43.  Mortgage  to  create  a  lien. 

Sec.  44.  Bonds  not  to  be  sold  for  less  than  par  value. 

Sec.  45.  Increases  capital  stock  $1,000,000. 

Sec.  46.  Appoints  persons  to  receive  subscriptions. 

Sec.  47.  Provides  for  the  endorsement  of  Bonds  to  the  increased 
capital. 

Sec.  48.  Construction  of  road  from  Charlotte  to  Rutherfordton. 

Sec.  49.  Provides  for  other  railroads  making  connection  and  privileges. 
Supplemental  Aot. — An  Act  Supplemental  to  an  Act  Passed  at  the  present 

Session  of  the  General  Assembly,  entitled  "An  Act  to  Incorporate  the 

Wilmington  and  Charlotte  Rail  Road  Company ;" — 

Section  1.  Changes  the  name  of  the  road. 

Sec.  2.  Provides  that  the  capital  stock  of  the  Company  shall  be  three 
millions  of  dollars. 

Sec.  3.  Authorizes  the  Company  to  commence  the  road  at  Charlotte. 

Sec.  4.  Provides  that  the  bonds  issued  by  the  Company  shall  have 
coupons  attached. 

Sec.  5.  Authorizes  the  Company  to  commence  the  road  at  its  eastern 
terminus  at  any  point  on  the  Wilmington  and  Manchester  Bail  Boad, 
in  the  State  of  North  Carolina,  or  at  any  point  on  the  Wilmington  and 
Weldon  Rail  Road,  in  the  county  of  New  Hanover. 
An  Act  to  Alter  and  Amend  the  Charter  of  the  Wilmington,  Char- 
lotte and  Rutherford  Rail  Road  Company  : — 

Section  1.  Alters  and  amends  the  acts  of  the  last  Genral  Assembly  in 
relation  to  the  road. 

Sec.  2.  Provides  that  in  case  the  Company  shall  fail  to  build  that 
portion  of  the  road  between  said  temporary  terminus  and  the  town  of 
Wilmington,  within  six  years  from  the  passage  of  this  act,  that  the  said 
town  of  Wilmington,  as  a  corporation,  or  the  citizens  thereof,  or  both 
combined,  shall  have  power  and  authority  to  build  said  portion  of  the 
road,  &c. 

Sec.  3.  Provides  that  the  road  shall  consist  of  two  great  divisions. 

Sec.  4.  Provides  for  putting  the  road  under  contract. 

Sec.  5.  Authorizes  the  opening  of  books  of  subscription  for  the  capital 
Stook  of  the  Company. 

Sec.  6.  In  relation  to  the  bonds  endorsed  by  the  State. 

Sec.  7.  Authorizes  each  county  on  the  line  of  the  road  to  subscribe 
for  any  number  of  shares  of  the  capital  stock  of  the  Company,  not 
exceeding  four  thousand. 

Sec.  8.  Provides  that  all  incorporated  towns,  banks  and  other  bodies 


■ 


politic  and  corporate,  within  this  State,  shall  subscribe  for  any  number 
of  shares  of  the  capital  stock  of  the  Company,  &c. 

Seo.  9.  Empowers  the  Stockholders  to  increase  or  diminish  the  num- 
ber of  Directors,  &c. 

Seo.  10.  Authorizes  the  Company  to  own  as  many  slaves  and  other 
chattel  property  as  the  prosecution  of  the  work  may  require,  &c. 

Seo.  11.  In  relation  to  the  road-bed,  &c. 

Seo.  12.  Provides  that  this  act  shall  be  in  force  from  its  ratification,  &o. 

Seo.  13.  Authorizes  the  Company  to  construct  a  branch  road,  &c. 

An  Act  to  Amend  the  Chaetee  of  the  Wilmington,  Charlotte  and 

rutheefoed  rail  road  company  : — 

Section  1.  Authorizes  the  issuing  of  coupon  bonds,  &c. 

Seo.  2.  In  relation  to  the  same. 

Seo.  3.  Directions  as  to  how  the  bonds  are  to  be  disposed  of. 

Seo.  4.  Provides  that  the  bonds  shall  not  be  sold  for  less  than  their 
par  value. 

Seo.  5.  Provides  that  all  certificates  made  in  pursuance  of  this  and 
previous  acts,  shall  be  under  oath,  &c. 

£|eo.  6.  Provides  that  this  act  shall  be  in  force  from  its  ratification. 
An  Act  to  Secuee  the  Completion  op  the  Wilmington,  Charlotte 

and  rutheepoed  rail  road  company,  and  amend  its  chaetee  : — 

Section  1.  Grants  additional  aid  to  the  road  to  the  extent  of  sis 
hundred  and  sixty  thousand  dollars,  &c. 

Sec.  2.  Provides  that  before  the  Public  Treasurer  shall  make  any  loan 
as  aforesaid,  the  said  Wilmington,  Charlotte  and  Rutherford  Rail  Road 
Company  shall  deliver  to  the  Public  Treasurer  the  coupon  bonds  of 
said  Company,  &c. 

Seo.  3.  Provides  that  any  of  the  real  or  personal' estate  of  the  Com- 
pany may  be  sold  by  the  Board  of  Directors,  &c. 

Seo.  4.  Provides  for  the  investment  of  the  sinking  fund.  • 

Sec.  5.  Provides  for  the  opening  of  books  of  new  subscriptions  to  the 
capital  stock  of  the  Company. 

Seo.  G.  Relates  to  the  competency  of  witnesses. 

Sec.  7.  Provides  that  this  act  shall  be  in  force  from  its  ratification. 
Resolution  in  favob  op  the  Wilmington,  Chaelotte  and  Ruther- 

foed  Rail  Road  Company. 
An  Act  Authobizing  and  Dieecting  the  Renewal  op  Ceetatn  Bonds 

in  the  hands  of  the  wilmington,   chaelotte  and  rutheefoed 

Rail  Road  Company. 

Section  1.  Provides  that  upon  the  surrender  of  any  of  said  bonds  to 
the  Public  Treasurer,  he  shall  issue  to  said  Company  bonds  to  an  amount 
not  exceeding  four  hundred  and  fifty-five  thousand  dollars,  &c. 

Sec.  2.  Provides  that  if  the  Public  Treasurer  shall  elect  to  make  the 
bonds  which  he  is  authorized  to  issue  under  this  act  payable  elsewhere 
than  at  the  Public  Treasury  in  Raleigh,  then,  &c. 

Seo.  3.  Provides  that  the  bonds  of  the  Company,  now  filed  with  the 
Public  Treasurer,  or  which  may  be  substituted  under  the  provisions  of 
this  act,  shall  have  all  the  securities,  &c. 

Sec.  4.  Provides  that  the  Public  Treasurer  shall  cause  all  the  bonds 
of  the  State  thus  surrendered  to  be  cancelled. 

Seo.  5.  Provides  that  the  benefits  of  this  act  shall  extend  to  such  of 
the  aforesaid  bonds  only  as  were  owned  and  held  by  the  Company  on 
the  first  of  December,  1865. 

Sec.  6.  Provides  that  this  act  shall  be  in  force  from  its  ratification. 
Resolution  Passed  at  Stockholder's  Meeting,  January,  1866. 


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